Security News > 2020 > March > Organizations not properly set up to manage risk, coronavirus pandemic reveals

The COVID-19 pandemic is just the latest in a line of recent risk events showing how organizations are not properly set up to manage risk, especially fast-moving ones.

"Traditional approaches fail because they can't effectively deal with fast-moving and interconnected risks. Pandemic is a rapidly developing type of risk that needs a dynamic risk management set-up," said Malcolm Murray, vice president and fellow, research for the Gartner Audit and Risk practice.

The effectiveness of DRG was measured in a survey to over 200 organizations, looking at whether traditional or dynamic approaches to governing risk management led to better risk management behaviors and better risk outcomes.

Activity-based risk governance - This means dispensing with the idea that only the first line owns all risk activities, and assigns accountability for risk management tasks without regard for the borders between first/second/third line.

For the first stage, adopting DRG means quickly identifying who in senior management should own the governance of the risk and quickly setting up an initial governance model that considers the fast speed of the risk.

News URL

http://feedproxy.google.com/~r/HelpNetSecurity/~3/5_tqJl5UV3U/