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A new era of big data risk management

Increasingly stringent regulatory environments are driving a stronger focus on identifying, measuring, and managing risk exposure. Managing vast amounts of data is a crucial component in the accurate assessment of risk, and is one of the top reasons why big data risk management is stealing the headlines today. Jayson O’Reilly, director of Sales and Innovation at DRS, local reseller of Agiliance, says making sure that risk management investments support the business strategy is the only way to drive the business forward.

“Today’s businesses are operating in a constantly changing risk ecosystem. They face a myriad threats, from attacks on personal devices and the BYOD phenomenon, to threats to the organisational supply chains. Concurrently, burgeoning government frameworks and regulations, such as POPI, are placing risk and governance practices under the closest scrutiny.”
With this in mind, O’Reilly says Agiliance had debuted RiskVision 7, which mines petabytes of operational and security risk data to manage near real time workflow, intelligence, and analytics driving business impact and performance.

Agiliance cites presentation at the Gartner Security & Risk Management Summit in London in September, by analyst Neil MacDonald as illustrating the importance of this approach. MacDonald spoke about a transformational, context-based, big data approach, and said that context is crucial to turning huge amounts of security data into actionable insight and identifying those things that represent the most risk in an organisation. He added that companies should demand specific roadmaps to show how vendors are adding application, identity, and context awareness to their products.

O’Reilly says RiskVision 7 features many breakthroughs in big data risk management. Firstly,  Business Process Connectivity – a new RiskVision object framework, which allows consuming data records ranging from tens of thousands to millions, via ERP, financial, HR, credit rating, payment, supply chain, or any other custom- or third-party business application. In addition, it links operational risks to the business for use cases such as supply chain, counter-party, and business resilience risk, easing multi-national regulatory concerns on governance processes.

Secondly, RiskVision 7 introduces Operational Risk Workflows, a logic framework offering dynamic data workflows to streamline operational risk audits by delivering actions to the right domains, at the right time. The model is extensible to all operational risk needs, such as AML, Basel II, FCPA, and so on.

“Also debuted in this version is Cyber Systems Modeling, a collection of virtualised and physical assets, applications, databases, identities, and locations to correlate data from security and IT tools, generating remediation actions at an aggregate level that prioritise risk mitigation and response,” says O’Reilly.

Another newly introduced feature, Mobile Data Correlation, allows mobile entity data attributes to score risk by correlating OS and applications, threat feeds, and user identities outside and inside the corporate firewall, before and after devices connect to the network. Anywhere, Anytime Analytics means that HTML 5-based questionnaires, call lists, risk analytics, and ad-hoc reports are now available on all handheld devices such as notebooks, tablets, and smartphones – anywhere, anytime.

Finally, Graphical Visualization enables auto-diagramming of complex workflows in easy to see and interactive views. This tool is extensible to graphical visualisations of organisational hierarchy and enterprise architectures with embedded risk data relationships.

Joe Fantuzzi, president and chief executive officer at Agiliance, said his company ‘eschews the status quo in risk management by replacing managerial opinion and tactical consulting with a purpose-built, big data solution for customers and partners to manage business performance’, adding that today’s risk management needs real-time data and business self-sufficiency so risk owners can respond to business, board and regulator demands in a quick and accurate manner.
“RiskVision 7 rings in the New Year with big data risk management and marks the beginning of the end of little data compliance management.”