As an organization or an individual that is responsible for your company’s data safety, you may be wondering, “What is data risk management?” Data risk management (DRM) is a strategic business discipline for analyzing and mitigating threats to an organization’s data assets. DRM identifies, assesses, and controls risks to data, both downside risk as well as upside risk.
DRM is systematic, continuous, holistic, proactive, and flexible. Organizations must regularly review and adjust their DRM strategy according to evolving business conditions, market forces, and technology options. Data risk management is as essential a component of strategic business planning and operations as financial risk management, human capital risk management, or competitive risk management.
Importantly, what is data risk management when it comes to your company’s specific industry? Data risk management is not a phrase uniformly used across industries and may be confused with – or used interchangeably with – the following terms and phrases (which describe the five main sub-disciplines or sub-areas of data risk management): Information Governance, Data Security, Data Privacy, Data Management, and Data Compliance.
Information Governance encompasses the policies, standards, processes, procedures, metrics, and roles guiding an organization’s efficient and effective use of data.
Data Security involves protecting data and information assets from threats impacting confidentiality, integrity, and availability.
Data Privacy involves protecting an individual’s personal information. It is typically driven by statutory requirements (laws), industry regulations (rules), and customer agreements (contracts).
Data Management is the technical administration of data including its collection, acquisition, definition, architecture, storage, master/reference structure, metadata catalog, integration, availability, and quality controls.
Data Compliance is the process of ensuring that an organization complies with applicable laws and regulations related to data.
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Documented risk management strategies that provide meaningful risk reduction to your organization
Expert review of your organization’s current strengths and weaknesses for managing and protecting data
Tangible recommendations and an actionable roadmap for establishing and maturing your DRM Program Build
Ongoing support, coordination, and guidance for achieving program milestones and objectives