The US Department of Treasury regulator OCC and international banking regulators have now included cyber attacks as a “major factor affecting… operational risk.” Financial institutions should implement robust risk management processes… to properly identify, monitor, measure and control the operational risks posed by cyber-threats.”
Already the most heavily regulated industry; the financial sector can now expect even more compliance scrutiny.
Cyber risk is first and foremost a business risk with considerable negative impact. Cyber-attacks affect the availability and response-time of services, as well as increasing the likelihood of fraud, theft of sensitive data and identity theft.
Given the soaring operational costs and reputational damage of cyber-attacks, financial service executives can no longer continue to accept their cost.
Cyber risk management in banking, insurance and other financial companies can minimize costly and brand-damaging crisis management. WCK GRC for financial services delivers:
Business visibility of cyber threats. Aligning cyber risks to operational risk models (Basel, Solvency) enable more effective decision-making and investments.
Business visibility of cyber threats enables better decisions and investments. Financial organizations find it difficult to understand and control the cost of operational risk caused by cyber threats. In order to do so, they need to find a way to meaningfully correlate cyber & IT risk to operational risk.
Most organizations today use multiple point solutions such as:
The result is big-data chaos. With so many unrelated and often unstructured findings, its almost impossible to get a single, cohesive picture of your risk. WCK is much more than a documentation tool and database. It provides a wealth of analytics so that organizations can achieve a single and more complete compliance and risk and compliance posture.
It allows you to –
The common practice of using ‘vanilla’ questionnaires for audits and reviews results in wasted time on irrelevant questions or worse, valuable time of senior consultants spent on adding missing, relevant questions. For example, a database server storing sensitive customer data mandates a different policy and set of questions than a server with marketing data.
The software enables flexible, multiple policies that are customized for each asset and seamlessly enforced by the organization. WCK enforces asset-driven policies based on:
Objective, fact-based questionnaires are automatically created by blending the right mix of controls from multiple policies based on the asset type, and each asset’s specific properties. As a result, less experienced consultants or employees can collect factual answers.
Value within weeks & a quick ROI are driven by WCK’s unique approach of asset-based risk management for financial institutions. Importing legacy data and integration with 3rd party solutions are simplified by correlating findings around assets, instead of requiring detailed mapping of thousands of finding to controls.
Automated risk assessment. WCK analyzes audit responses and performs an automated risk assessment, further reducing the need for a higher level of expertise during much of the review lifecycle.
Cost savings on risk management processes. Fine-tuned policies increase assessment efficiency and results in more efficient utilization of senior experts and consultants. Their valuable time can be used where it contributes most – creating accurate policies and exposing hidden vulnerabilities.