The Yellow Brick Road to Risk Management

The Yellow Brick Road to Risk Management
Beginning the journey to risk management can be daunting, but protecting your business is worth every step.

Most of us have seen the movie or read the book The Wizard of Oz. Dorothy Gale and her pals faced — and overcame — huge obstacles as they followed the yellow brick road toward the Emerald City. In today's fast-paced world, organizations face a variety of obstacles as they try to grow their businesses. And they share a major hurdle with Dorothy on their way to reaching this goal: risk management.

Risk is inevitable, and organizations must have a way to manage it — because risk that goes unmanaged can turn into vulnerabilities that can be exploited by bad actors. And this can result in loss — of reputation, finances, and confidence from clients and partners. This is where risk management, often with a particular framework you follow to achieve it — like the yellow brick road — comes into play.

Risk Management DefinedRisk management is defined as the process of identifying, assessing, and controlling threats to an organization. You can manage your organization's risk, either eliminating or reducing its severity, by putting controls in place. These controls are normally guided by a framework, such as the National Institute of Standards and Technology (NIST) Risk Management Framework (RMF) or the International Organization of Standardization's (ISO) 31000 Risk Management series.

A big part of risk management is protecting your company's and your customers' privacy and sensitive data. And th ..