Ken Sponsler

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Ken Sponsler

Risk Management

Heightened cyber threats and ever changing compliance regulations increase the scope and level of responsibilities often assigned to corporate executives. While new markets and offerings can present opportunities, it can also present a wide range of security and compliance risk that businesses must address.

As such, risk management focused regulatory compliance and cyber security are cornerstones of business sustainability. This is especially true in interactions such as mergers and acquisitions or situations where assets are transferred from one business to another.

Why Risk Management is Important
When your organization experiences a data breach or regulatory enforcement action, the fallout is far-reaching. It affects your administrative team, staff, partners, customers and the community at large. Even if your company recovers, you may lose millions of dollars restructuring your network, implementing security measures, managing lawsuits or recovering lost revenue.

Furthermore, your company’s reputation is tarnished. It does not matter if the breach was not your fault. In the public eye, your company may no longer be trusted to protect your customers data. In addition, you may also be facing penalties or fines for failing to adhere to security compliance regulations. Is the risk really worth it?

Risk Management is a vital component in helping your organization prepare for or respond quickly to data breaches. More importantly, it starts with an understanding and a resolve from the executive level on what needs to be done to defend the company against numerous security issues.

Risk management encompasses more than just implementing certain tactics to prevent a system hack. It is a strategic approach to assessing and protecting the entire organization at all times. It may include:

  • Putting together an incident response team
  • Developing a breach preparedness strategy
  • Having a comprehensive understanding of regulatory requirements in your industry
  • Investing in the right network equipment and cybersecurity tools
  • Training staff on preventative methods and response plans
  • Assess all partnerships with vendors and other companies

Executive teams meet together with risk management specialists to identify the issues, improve security resiliency and manage all components of security from the top down. This is an ongoing process in which the risk management team adjusts all strategies and plans as the company grows.

CompliancePoint Risk Management Services
CompliancePoint partners with CEOs, board members and other administrative personnel to assess security risks and ensure that companies adhere to compliance regulations. Services we provide include:

  • Breach readiness assessments
  • Regulatory compliance assessment and implementation
  • Program management
  • Noncompliance response and preparation
  • Process implementation and advancement
  • Risk assessment and mitigation
  • Vendor risk management

We offer a broad view of the marketplace and your peers.