Enterprise risk management

Enterprise risk management (ERM) is a strategic discipline that involves identifying potential risks that may affect an organization and implementing appropriate mitigation strategies to reduce these risks. It’s a holistic approach to risk management that considers a wide array of risks across the organization, including operational, financial, reputational, strategic, and, notably for this discussion, technological risks.

In today’s digital age, where most businesses have a significant portion of their operations reliant on technology, specifically cloud-based services, ERM plays a crucial role in ensuring that potential security risks are adequately managed. Cloud environments introduce a unique set of risks, such as data breaches, system outages, vendor lock-ins, or compliance issues, that can have significant implications for business continuity and reputation.

Effective ERM in the cloud involves conducting a comprehensive risk assessment...