Risk assessment is critical to understanding any threats that your business faces and taking the necessary steps to absorb or mitigate them. From an infosec compliance perspective, it is a mandatory requirement for successful audits and is often attributed as a top reason for delays in achieving SOC 2 and ISO 27001 certification. Despite its criticality to business, risk assessments are done partially and with insufficient depth.
Most organizations struggle with risk assessments, either because they struggle to understand how to conduct a risk assessment or due to a lack of bandwidth to conduct a comprehensive risk assessment. Both lead to an incomplete risk analysis, which can jeopardize the organization’s infosec audits.
To prevent such situations, larger enterprises use conventional Enterprise Risk Management (ERM) systems to handle risk assessment and management procedures. Still, these systems are painful for mid-market SaaS and Fintech startups to use because of their complex workflows and lack of relevant integrations.
Scrut risk management is focused on resolving exactly this problem. We are excited to launch Scrut risk management, which is a simple, lightweight solution that strives to assist clients in gaining better visibility into their risks, helping them better prioritize and manage risks, and allowing them to focus on what is essential.
What is Scrut Risk Management?
Scrut risk management is a single-window solution that allows organizations to identify risks, provide suggestions on mitigating these risks, and track compliance with mitigating controls.
Scrut risk management is designed to reduce the time traditionally spent on categorizing risks, mitigating them, and tracking their progress. In simpler terms, Scrut risk management is a helpful assessment tool that combines all required elements of risk management, including mapping standard-specific controls to risks, tracking compliance progress against each mitigated risk, and computing inherent and residual risk – under one umbrella.
How can Scrut Risk Management help my organization?
Scrut risk management is not just any assessment tool; it functions as a single-window dashboard where you can manage your organization’s risk posture. Every question from which risk areas need to be prioritized or which strategies to use for mitigating a particular risk to the status of the mitigation tasks is answered in one place through this module.
Because risks constantly change and evolve, businesses must adopt a proactive stance while managing them. Identifying gaps and developing action items to close them early in your compliance journey can safeguard vital assets and help your business avoid operational, financial, and reputational problems. Scrut risk management is a tool that provides you with the opportunity to act sooner rather than later.
It is also important to remember that risk management is a necessary precondition for organizational security. If an organization doesn’t recognize its risks, the stakeholders won’t be ready if/when the risk materializes, making the organization vulnerable.
Unknown risks have the potential to seriously hurt a company, including losing customers, paying penalties, gaining a bad reputation, losing money, and going out of business. Luckily, avoiding all these consequences is possible by conducting a comprehensive risk assessment and creating a trackable tactical strategy for managing them using the Scrut risk management.
Our risk dashboard also helps organizations rapidly spot areas of concern and assess the status of risks at a glance. As you improve the risk posture of your business, you will obtain practical insights that will make it easier for you to track issues and quickly address them. The dashboard also makes it incredibly easy to share reports with your executives and creates a transparent communication chain.
What does Scrut Risk Management include?
Automated risk identification
Scrut risk management provides you with the opportunity to scope through a pre-built library of controls to assess risks associated with the business. You may uncover high-risk regions and gain a better understanding of your risk posture by combining information with built-in, repeatable, industry-standard scoring methods and rankings recommended by experts.
Mitigating controls to reduce risks
Scrut risk management contains automated procedures for documenting the use of mitigation controls. With the help of Scrut risk management, you can create mitigation tasks, define a timeline for completion and assign individual owners, and track completion.
Automated workflows for risk management
Save time by using automated alerts and workflows to reveal compliance-related issues so you can identify them and take immediate action to address them. Using Scrut risk management to create work tasks allows your team to focus on more valuable strategic work to improve the organization’s information security initiatives.
Real-time tracking with the risk register
Scrut risk management saves you the hassle of managing and constantly updating a risk register on numerous spreadsheets. Scrut risk management automatically compiles all risks, their inherent and residual risk scores, mapped controls, and mitigating tasks in one place, which can be easily shared with the auditors for faster compliance audits.
Automated evidence collection
Automated evidence collection is one of the best features of Scrut risk management. We collect reports and evidence through pre-built cloud-based integrations across your cloud, HRMS, DevOps systems, and more, so you don’t have to spend time manually updating evidence against each risk.
Integrated and informative dashboard
Scrut risk management has an intuitive dashboard that provides a bird’s eye view for understanding the risk posture of the organization. Moreover, the module automatically generates automated risk assessment reports that can be readily shared with compliance auditors for SOC 2, ISO 27001, PCI DSS, GDPR, and other infosec frameworks.
With Scrut risk management, you can start your risk assessments in only a few minutes by cutting out the numerous hours spent defining and mapping risks, threats, and controls and setting up associated activities.
Scrut risk management is an effective way to assess an organization’s risk posture without spending inordinate amounts of time documenting risks, mapping controls, and mitigating risks.
Scrut Automation is an innovative and radically simple governance, risk, and compliance automation platform for growing startups and mid-market enterprises. With Scrut, compliance teams can reduce ~70% of their manual effort in continuously maintaining compliance towards SOC 2, ISO 27001, GDPR, PCI DSS, HIPAA, and CCPA. Schedule your demo today to see how it works.