Posted in Articles on Monday, July 16, 2018
by Richard Vester - Group Executive of EOH Cloud Services Division
Historically, organisations have not always taken an enterprise-wide approach to risk management. More often, solutions were done piecemeal, and as risk management became more formalised, it became an evaluation process to be followed, a set of formal decisions to be made and a way to track and enforce specific rules.
With the advent of cloud, a more optimised enterprise risk management (ERM) architecture has become possible. Cloud computing can transform an organisation’s IT infrastructure into a more effective risk-based component of the ERM framework.
In fact, cloud can help optimise the overall organisational governance, risk and compliance (GRC) activities. Cloud computing can reduce the overall degree of complexity involved with most on-premises, physical computing and information storage operations by simplifying data centre operations, enhancing resource utilisation and providing alternative backup and disaster recovery tools that otherwise may not be available under one single technological platform.
As a result, specific GRC solutions that play critical roles in organisational ERM activities can be offered and accessed globally, based on the specific needs of the organisation, while maintaining the much needed scalability and security to maintain a competitive edge. Cloud also reduces the need to employ and train more on-site human resources to ensure compliance.
When planned, deployed and managed properly, cloud computing empowers organisations to adopt viable ERM architectures and best practices by rationalising and/or re-engineering GRC business processes, enhancing information and data management, as well as reducing the potential and existing impediments associated with legacy IT investments.
Big data and analytics draw the most attention for risk and innovation, and both are key expansion areas for companies. Meanwhile, an increasingly mobile workforce and new cyber threats are placing pressure on organisations’ risk profiles. It can therefore be said that security and risk has become a key business function that relies on technology as a cornerstone to its success.
The cloud is a logical step for businesses that need to address new rules, consolidate systems and serve their mobile workforce. The types of risks organisations face (security, integrity, availability, and performance) are the same with systems in the cloud as they are with non-cloud technology solutions. A company’s level of risk and risk profile will change if cloud solutions are adopted, depending on how and for what purpose the cloud solutions are used. By keeping costs down, the right cloud adoption plan can make GRC a unified, transparent and global effort, ensuring compliance is maintained and risks are managed, while remaining strategically competitive.
Contact EOH Cloud now to assist you with your cloud mitigation strategy.