While many businesses have made concerted efforts to incorporate security risk management processes into their business operations, they don’t always reap the reward for their investment, mainly because their SRM processes tend to be too rigid.

To see the real benefits of SRM, businesses should update and review their risk management plan in line with the constantly changing risk landscape.

Why is it important to review and update SRM plans?

risk management plan

Today, the business environment is evolving at a rapid rate, with technological advancement presenting new opportunities for conducting operations more efficiently while allowing organisations to deliver better quality to consumers.

But, these changes not only present opportunities but also pose some challenges that need to be considered in order to run a successful business. Due to the dynamic nature of the current business environment, these challenges and their impacts change regularly- and in accommodating this, so should the security risk management plan that guides how an organisation responds to them. 

Therefore, security risk management plans should be regularly updated and reviewed to reflect the current security landscape of an organisation, its priorities and objectives at present while also incorporating the best practices and standards of the United Nations Security Management System (UNSMS).

What are the benefits of regularly updating and reviewing the SRM plan?

Better alignment with regulatory
requirements

As the business landscape evolves, governments often intervene through new laws and regulations to protect businesses from operational risks and consumers from unfair business practices, making regulatory updates necessary to ensure compliance.

Improved incident response
capabilities

Different security incidents require different treatment plans, and that holds when the risk landscape evolves. The initial incident response plan may no longer be relevant when a risk vector has transformed significantly due to external factors.

Enhanced communication about the relevant risk vectors

Maintaining up-to-date SRM plans will enable risk management professionals to communicate and report on potential risks and their treatment plans to stakeholders, such as senior management, staff, donors, partners, host government entities, or other UNSMS organisations.

How often should you update and review your security risk management plan?

The frequency at which changes are made to the SRM plan and the scope of the changes depends on various factors, including:

  • The nature and severity of security risks facing the organisation
  • The changes or developments in the security situation or context
  • Any changes in organisational objectives, priorities, and operations
  • Feedback received from internal and external security audits and reviews

Considering these factors, changes should be made to the SRM plan whenever there is a significant deviation in the adequacy of incident response measures needed to address the current risk landscape and those proposed in the plan.

Create effective, data-driven, and actionable SRM plans with SECTARA

Gain comprehensive insight3

At SECTARA, we understand the importance of regular reviews and updates to security risk management plans and we built our risk assessment platform to provide SRM professionals with all the tools they need to keep up with the constantly changing risk landscape.

From real-time monitoring to risk libraries, you can leverage SECTARA’s risk management software to create and refine your risk management plans.

Create effective, data-driven, and actionable SRM plans with SECTARA

Gain comprehensive insight3

At SECTARA, we understand the importance of regular reviews and updates to security risk management plans and we built our risk assessment platform to provide SRM professionals with all the tools they need to keep up with the constantly changing risk landscape.

From real-time monitoring to risk libraries, you can leverage SECTARA’s risk management software to create and refine your risk management plans.

Want to experience how SECTARATM works first-hand?
Sign up for our 14-day free trial today

Start your 14-day free trial

Please complete all fields.

.sectara.com

What you get with our free trial

2 users (Account Admin, Org & BU Admin, Assessor, Viewer)

2 concurrent assessments

2 organisations & business units

In product training

The ability to export assessments to MS Word

MS Excel treatment plans

White label SECTARATM platform

White-label exported documents

Audit records

Want to experience how SECTARATM works first-hand?
Sign up for our 14-day free trial today

What you get with our free trial

2 users (Account Admin, Org & BU Admin, Assessor, Viewer)

2 concurrent assessments

2 organisations & business units

In product training

The ability to export assessments to MS Word

MS Excel treatment plans

White label SECTARATM platform

White-label exported documents

Audit records

Start your 14-day free trial

Please complete all fields.

.sectara.com