Risk is naturally part of doing business, but tracking your risks, naming them and estimating them is its own can of worms.
Risk management is a key component of information security compliance frameworks like SOC 2 and ISO 27001. To comply with these frameworks, you need a risk register, but, which risks should be managed? Which risks are worth mitigating vs. accepting? How does my compliance program help me mitigate these risks? What does my auditor need to see here? Which risks are not worth mentioning?
Introducing Trustero’s new risk register and Golden Risk Content for SaaS providers. The risk register makes it easy to show the risks you take as a business, how dangerous they are, and what you are doing to keep them under control.
Trustero's Golden Risk Content is a set of risks ready to go for modern SaaS companies. It reflects most of the risks you already have and know, with descriptions and impacts, and linked controls to mitigate the risks. This set of risks will help you satisfy a security framework such as SOC 2 and set you up for success as your GRC program grows over time.
Organizations often understand how likely a risk is to occur and how big an impact it would have if it were to happen, but don't have a standardized way of reasoning about those things together. Trustero's risk register automatically calculates the inherent risk based on each risk's likelihood of occurrence and size of the adverse impact, making different types of risks directly comparable to each other using a single metric. This allows organizations to manage and prioritize risks from across their organization in a uniform way.
Risks can also be directly associated with controls that mitigate them. This further enhances visibility organizations have into their entire Trust Graph - the relationships between items in their governance, risk and compliance activities - enabling better, more informed decision making.
With inherent risk calculated and mitigating or compensating controls in place, organizations can then determine the residual risk -- the risk that remains after mitigation or compensation. That is the final number that helps organizations understand their risk level for each threat they face.
Existing customers can get started with risk management in the Trustero platform by clicking on “Risk Register” in the left nav bar. If you’re not yet a customer and you’re interested in Trustero’s risk management or any other features, please contact sales (sales@trustero.com) to learn more.