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The 10 Most Important Things A Company Needs In Its Risk Management Plan

Risk management has often focused too narrowly on just the IT department, failing to account for risks associated with business processes in other areas. Here's a look at what every company needs to have in their plan.

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Consider Risks Across Entire Enterprise

Mapping through the material impact of various types of risks that an organization faces is a very far-reaching and complex exercise that requires understanding the ramifications of not having certain controls in place, according to James Robinson, vice president, third-party risk management at Denver-based Optiv.

Most organizations haven't yet connected the dots as it relates to thinking enterprisewide about risk, Robinson said. They might be able to articulate what the risks are at the operational and department levels, Robinson said, but often lack the necessary connections to map that into enterprisewide risk at the board or executive leadership level.

The biggest challenge is usually communicating the risk in a manner that would be broadly understood across the entire organization, according to Robinson. This requires risk practitioners to move away from tech speak and figure out how to articulate their thoughts using business-centric language, Robinson said.

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