Collaboration of Risk and Compliance Management

Nowadays, organizations face a tremendous volume and diversity of information risks that impacts enterprises, including cyber threats, information leaks, regulatory sanctions, and the explosion of communication channels beyond the control of IT or security.

According to a survey by Actiance and IDG Research, a communications compliance company, business professionals are observing more risks with enterprise-wide impact leading to greater overlap in job roles in fighting the threats. As a result, most of the survey respondents pointed out the dire need for collaboration in the planning and implementation of defense, monitoring, and recovery strategies across IT, security, and compliance. However, they need more resources across all the functions to tackle the risk involved.

Collaboration between all the three functions in the assessment and selection of risk management solutions proves to be very high. Out of the 150 IT, compliance and security professionals who contributed the survey, 75 percent reported that their function collaborates with minimum one or both the departments in assessing and selecting risk management solutions, whereas only 5 percent reported that their function alone is accountable for those tasks.

Robert Cruz, Senior Director of information governance, Actiance says that, though the old technologies, buying processes, and operational priorities in the last 15-20 years have left some businesses with inefficient risk management processes and solutions, several companies have successfully managed the organizational silos. Today, companies are moving towards a collaborative model comprising of the priorities of IT, security, and compliance stakeholders.