Risk Management is the process of identifying, assessing, and prioritizing risks followed by the coordinated application of resources to minimize, monitor, and control the probability or impact of adverse events. It involves systematic methods to analyze potential risks that could negatively affect an organization’s assets, operations, or overall objectives. Key components of risk management include risk assessment, which involves both qualitative and quantitative analysis to understand the likelihood and impact of risks, and risk response, which entails developing strategies to mitigate identified risks, such as avoidance, reduction, sharing, or acceptance. Effective risk management aims to enhance decision-making, protect resources, ensure compliance with regulations, and help organizations achieve their goals with increased confidence.
The financial landscape is changing rapidly! As of January 17, the EU Digital Operational Resilience Act (DORA) will transform how organizations approach cybersecurity and operational resilience. This new law introduces…