Information Security is a dynamic process that effectively and proactively manages an organization to identify and respond to new vulnerabilities and evolving threats. It should also recognize an organization’s constantly changing enterprise architecture and operational environment. The elevation of risk, cost of compliance, and regulatory ecosystem in the contemporary business environment indicate that this is the right time to consider the positive role of Continuous Monitoring.
You should reconsider your business choices if your business doesn’t have a continuous monitoring program, as the pro outweighs the con.
Continuous monitoring is an enabled process that allows enterprises to help manage risk or improve performance. It’s leveraging technology to monitor things like risk or performance indicators. In many cases, firms control annual business processes, so there’s an added benefit around continuous monitoring that helps automate some of that processes.
Why Is Continuous Monitoring Important?
Companies are implementing continuous monitoring solutions for several reasons that resolve several benefits. Some of them include; improved risk management, enhanced governance, reduced cost, and improved profitability.
The number of indicators that point to the success of a Continuous monitoring or auditing initiative includes financial return on investment (ROI) and non-financial return on investment. Some financial return on investment indicators includes improved profitability, increased working capital, and reduced full-time equivalents and cost.
A few additional benefits include better prevention detection activities around fraud and misconduct, improved coverage of audits, and less time to perform audits. Last but not least, we should review Continuous monitoring as a miniature term project. The benefits and values are real, provided CM is seen in the context of risk management and is executed with a pragmatic roadmap as your guide.
Role of Continuous Monitoring For Organizations
When considering enterprise case issues related to the implementation of Continuous monitoring or the CM process, organizations should also consider factors like:
- Who are the key stakeholders?
- What are the objectives?
- What are the current organizational capabilities?
- What tools are in place?
- What’s the knowledge and skills the staff has to be able to leverage those tools?
Continuous monitoring or auditing can form a primary component of a fraud risk management program. The CM process allows the firms to shift their focus from retrospective detective-type activities to more prospective preventive types.
It can help an organization monitor their activities with their vendors, for example, realizing rebates, discounts, and returns. Having that information processed accurately allows enterprises to keep their procurement costs in check.
In addition, monitoring an organization’s overall security architecture and accompanying security program ensures that organization-wide operations remain within the acceptable level of risk.
Continuous monitoring in a risk management framework consists of assessments, reporting, and authorization of information systems to monitor security risks.
The transition to continuous monitoring in risk management can be facilitated by proper planning for considerations such as transition planning, governance, management change, and automation tools.
Rogue Logics provides in-depth security services for the assessment and protection of your application, data, and infrastructure against potential threats on-prem or in the cloud. Want a consultation with the professionals at Rogue Logics? Contact us and get a free quote.