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How to Cater Right to European Risk Management Market?
The dynamic business landscape of Europe is replete with several internal and external risks, making risk mitigation a key element in propelling business growth.
FREMONT, CA: Enterprises across Europe navigate a complex environment that is changing at an ever-increasing pace, and digital transformation underlies much of this change. These waves of change are transforming European business models. Majority of companies are in the race to embrace changes and exploit all the available opportunities. And as businesses digitise more of their operations, the danger of attacks and breaches of all kinds grows. This risk environment created is challenging, and as corporate reputations are vulnerable to risks, enterprises are looking for all available measures to draft a robust risk management plan. In such an environment, only those risk management vendors, who have strong competencies for implementing security in all stages of an enterprise's security lifecycle, succeed in entering the limelight. Modern risk management vendors are expected to provide end-to-end advisory, protection, and monitoring services. Here are some of the latest features vendors can add to their service portfolio to thrive in the European market.
• Cognitive Capabilities
Advancements in cognitive technologies can help organisations go beyond traditional ways of managing risks by using smart methods to detect, predict, and prevent threats. Vendors are expected to offer features including autonomic computing combined with automation and cognitive capabilities to make systems self-managing and potentially self-defending and self-healing against potential risks. Vendors should also provision visualisation feature to analyse and communicate information to rational decision making. As European enterprises need to upskill their employees to be able to use cognitive capabilities effectively, it will be a smart move if vendors provide a training program for them.
• International Standards
European companies are particular about choosing providers who comply with international standards, which offer the principles, processes, and frameworks to manage risks. This standard is to be applied throughout the life of an organisation including activities like decision-making, operations, products, and services. Having a risk management strategy that adheres to international standard can ensure the design and implementation, and effectively allocate resources for risk management.
• Alerts and Mobile Friendliness
Reminders and notifications have become a vital feature of any risk management system. Vendors should first realise that the whole purpose of having a risk management system is to manage risks better and more efficiently. For this, it is necessary that whenever a hazard is detected, control is set, the action plan is activated, and associated parties are immediately informed so that they can look into it to take necessary actions. So it becomes a must for risk management solution providers to deliver mobile-friendly services.
• Configurable Frameworks
Every organisation operates differently, and so the way each manages risk also varies. To manage organisational risks, vendors should offer configurable risk management framework. These frameworks should naturally differ depending on the enterprise and their risk exposures, and appetite. An adequate system should provide flexible risk management frameworks to enable the levels of customisation needed to meet specific needs. Additionally, a fully tailored structure would mean that both current and future risks can be treated with the system, regardless of potential organisational changes.
Businesses in every industry across Europe have recognised the value of risk management, which has grown into popularity. As various providers compete in the market, enterprises are keener in choosing the solution providers. Vendors with robust features in their kitty to succeed in the market.