Have you ever been asked difficult questions from your leadership teams that you couldn’t answer? How do you intelligently and succinctly respond to the following questions and have the supporting data to back up your metrics and business outcomes? Regardless of your role in compliance, risk management or information security, these questions can potentially trigger a mild case of anxiety or even a full on panic attack, depending on your organization’s level of control maturity.

Risk, security and compliance executives have many choices and decisions on their respective plates, and whether or not to automate is not among them. I’ve been seeing a trend in the marketplace: more and more organizations are investing in risk management and compliance technology tools1. But why? The answer may be as simple as supply and demand dynamics.

The total global value of corporate mergers and acquisitions (M&A) reached $5.9 trillion in 2021. For 2022, the figure is expected to reach $4.7 trillion. This would make 2022 the second-best year on record for the M&A market after 2021. Clearly, robust M&A opportunities exist for companies looking to stimulate growth, increase market share, and influence supply chains. Despite those potential benefits, however, M&A deals are also fraught with serious risks.

Modern-day enterprise risk management (ERM) is a disciplined, organization-wide approach to identifying and addressing a wide range of enterprise risks, such as operational risk, financial risk, compliance risk, and strategic risk. Organizations with robust ERM programs can better manage and mitigate risk and minimize the potential for losses or damage. ERM incorporates different strategies, tactics, and plans for each type of risk because those risks affect the organization in different ways.

Risk awareness, mitigation, and management are integral to solid cybersecurity and business performance in the modern business climate. Organizations need an active approach that supports risk-informed decision-making at every level to succeed at risk management. This is where integrated risk management comes into action.

Internal controls are the processes, procedures, tasks, and activities meant to protect an organization from fraud, financial information misreporting, cybercrime, and accidental losses. A strong internal control system is also vital to maintain compliance with all applicable laws and regulations. Internal controls do, however, have one nagging weakness: management override of those controls.

Let’s talk about vendor security reviews. If you felt some form of unpleasant emotion just reading the phrase “vendor security review,” I understand. You and I are not so different. You have likely participated in completing at least one vendor security review in your career. During the process you may have questioned humanity, your career choice or at least whether or not your company should be doing business with the procuring organization.

Risk management is the process of identifying, evaluating, and controlling risks to an organization’s operations and financial performance. These dangers can be caused by several things, such as economic unpredictability, legal responsibilities, technological problems, strategic management blunders, accidents, and natural calamities. An effective risk management program helps a business navigate all potential hazards.

Data is one of the most valuable assets for modern organizations. The right type and quality of data allows companies to resolve problems and improve business performance; it guides enterprise decision-making and drives business strategy. Data is also vital to improve cybersecurity, maintain regulatory compliance, and strengthen the competitive posture. In short, data matters. Organizations must protect their data assets from unauthorized access, compromise, and theft.