The Importance of Risk Registers to Businesses
A risk register has many benefits, but what is a risk register, and why should organisations have one? What is the importance of risk registers to businesses?
What is a Risk Register?
A risk register is a documented record of potential risks within an organisation, and the associated actions needed to manage them. This is essential to the successful management of all risks in any organisation, but the risk register is slowly being adopted by CISO’s as a critical tool in helping them identify risks and take appropriate action to mitigate them.
All businesses need a robust process for identifying and managing potential risks that relate to the data they hold. They need to be able to find data easily, and an automation tool such as Veritas’s Enterprise Vault can make this process easier. It can also help to classify data for PCI compliance and other data governance measures. A dark data assessment can also help to classify data, identify personal data and uncover any storage waste you have quickly and easily.
As risks are identified they are logged on the register and actions are taken to respond to each risk. These actions are also logged on the register.
Do all organisations face risks when it comes to their data?
All organisations are at risk of a cyber-attack or data breach. Having a risk register in place helps to provide a better way of responding to risks as they arise. Plus it can help with the decision-making and enable project stakeholders and managers to handle risk in the best way possible for their organisation.
Enterprise Vault automates data retention and email archiving, which helps with maintaining an accurate risk register of threats and vulnerabilities.
What are the benefits of using a risk register to protect your data?
There are many benefits of using a risk register to project your data, including:
- Cyber resilience – you will have first-hand knowledge through using a risk register of how secure your data is to a cyber attack
- Budgets – you will rely less on guesswork and more on your cash flow, allowing clearer insights into the financial cost of securing your data
- Capturing – the individual departments of your organisation will be able to capture their issues and risks more effectively
- Maintenance – having a central repository of all disks enables the prioritisation of them and identification of common issues across your organisation.
- Risk management model – organisations that follow the Includes the risk management model of identify, analyse, control, monitor and action will be better prepared to mitigate risks.
To find out more about the importance of risk registers, data classification and how it can help your business or organisation, download a copy of our eGuide “The Ultimate guide to Data Governance and Risk Management”.
You can also watch our webinar to understand the benefits of employing automated solutions for discovering and analysing data to mitigate your business risks and optimise opportunities.