Risk management strategies of SBL aims to minimize risk to a minimum acceptable level and follows stringent mitigation measures. Risks are inherent in any organization.Read more
Risk management strategies of SBL aims to minimize risk to a minimum acceptable level and follows stringent mitigation measures.
Risks are inherent in any organization. Managing the risks effectively is crucial to gain the confidence of the stakeholders and ensure that the business functions without any hindrances. Risk assessment has a lot of benefits from a business perspective. It ensures that the organization is taking risks seriously, and is taking steps to prevent possible incidents from becoming major disasters.
The ongoing COVID-19 crisis has changed the way businesses operate. Today, in most organizations, employees are working from home using various advanced collaboration tools. In this changed scenario, companies have to step up their risk mitigation efforts and explore new areas of risk mitigation to ensure a secure remote work environment.
SBL’s ISMS team stresses on the importance of risk assessment and risk mitigation and follows a well-defined set of procedures to minimize the people, process, and information security related risks faced by the company during its day-to-day operations. We have given special emphasis to the remote work situation and have modified our policy measures to consider the new normal. Our ISMS team works round the clock to ensure that the business functions uninterrupted and without any exposure to cybersecurity threats. We strive to reduce information loss and empower our staff against threats and meet the challenges of the situation.
Our security process assures minimal risks in the business operations
The first step we follow is to identify all possible risks to the organization from internal and external sources. We identify and list the threats and vulnerabilities for each individual asset. A risk register is maintained in accordance with the ISO 27001 standards. These threats or vulnerabilities are reviewed by the ISMS team periodically. Any new threat that is identified later is also added to the list and redundant ones are deleted. The team continuously updates the list so that no threat is left unidentified.
Each threat is evaluated and assigned a significance based on its nature. Risks are rated based on their level of acceptance. SBL follows a stringent 2-layer mitigation process and reduce the risks to acceptable levels. We take mitigation actions on risks with high ratings and ensure that risks in the organization always remain in low risk category.
Every department has many inherent process risks. The ISMS team works to identify the process risks that each department faces while executing its daily functions. The risks are reduced by implementing appropriate controls and if it is too high to mitigate then the risk owners have the option to avoid it. The risks that are declared as very low are considered as residual risks. Though we usually retain such risks, simple actions are implemented to reduce its impact.
If any major change occurs in the organization, risk assessment is conducted within seven days to identify the new risks and implement the necessary mitigation measures.
Today, every business faces many new risks due to COVID-19 and the switch to work from home. We have to upgrade our risk management strategies to meet the needs of the changed situation and ensure that businesses function without compromising the data security. Well-defined risk management strategies can help an organization win the trust of their stakeholders and live up to their expectations.
SBL’s risk management measure proactively identifies and mitigates risks and also meets the compliance requirements of the industry. Even during the sudden onslaught of the COVID-19 crisis, SBL was prepared to identify early warnings of emerging risks and take effective measures to mitigate them. Our diverse team that was scattered across several countries like India, USA, UK, and Dubai could function without facing any security issues only because of the proactive measures implemented by the ISMS team. We were able to deliver value to our customers without any deviations from the SLA and were able to win complete trust of our customers with our robust security practices.