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At Tandem, we occasionally receive questions from our clients on the topic of an "IT audit risk assessment," most often in reference to an examination request list item. Where did this concept come from, what exactly is it, and how would you begin to conduct one? Let's find out.
When you search the web for the "definition of risk," you will likely be greeted by a series of images which look something like this.
Organizations invest in technology because it improves efficiency, communications, data storage, and business growth opportunities. With increased use of technology comes an increased attack exposure from threat actors, so it is important to evaluate and manage cyber risk related to new and existing technologies.
In October 2020, the National Institute of Standards and Technology (NIST) published NISTIR 8286 over Integrating Cybersecurity and Enterprise Risk Management (ERM). The document provides an overview of ERM and how cybersecurity should be integrated with ERM to ensure the organization is better able to recognize, assess, and control risk across the organization.
At Tandem, we recognize there are a few GRC (governance, risk, and compliance) solutions on the market. So, why should you pick Tandem? Based on feedback from individuals who have chosen Tandem, here are 10 reasons, in no particular order, why over 1400 organizations have chosen Tandem over other solutions.
Social media is seen as an important part of many modern business plans, including those of banks and credit unions. Social media sites enable virtual communities allowing business owners to deepen business relationships, attract new clients, and monitor what community members say about the business. According to a survey conducted by the American Bankers Association in 2019, 84% of survey participants stated they "agree" or "strongly agree" with the statement "social media is important to my bank."
In its simplest form, business continuity planning (sometimes referred to as business continuity management) is how you prepare for resilience of systems, business processes, and overall operations during adverse circumstances. Business continuity planning is a multi-faceted process, most often including these elements:
NOTE: This article may contain outdated information. See the updated article for details: Updated Ransomware Self-Assessment Tool (R-SAT 2.0).
In the process of conducting a work from home risk assessment, once you have identified reasonably foreseeable threats to your organization and data, the next step is to evaluate and implement controls.
If you have decided to conduct a work from home risk assessment, the first step in the process is to identify reasonably foreseeable threats. In the context of a remote work environment, you should be evaluating people, process, and technology threats. The success of such a threat may result in the compromise of your customer, member, or organization data. Here are five threats to keep in mind, as you begin your risk assessment.