What Is a Risk Appetite Statement?

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Over the past few weeks, we’ve talked quite a bit about risk:

  • What it is.
  • How it applies to compliance.
  • How you can start to think about it as an aspect of your overall business strategy. 

In many of the cases we’ve discussed, we’ve referred to risk in terms of mitigation–how to close the gap between your security capabilities and potential threats in the wild. 

But what’s critical to understand about risk is that it is just as much about how much risk you want to take on as you want to remove. And, when discussing potential risks concerning business goals, you must consider your risk appetite statement. 


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Why Consider Standards-Based Risk Management?

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We’ve previously discussed the importance of risk management, and the challenges that come from approaching risk through large-scale frameworks. According to an abstract framework, many organizations aren’t necessarily equipped to mobilize far-ranging risk assessments. 

Here, we’ll discuss a compromise to combine the best of both worlds: standards-based risk management.


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What Is Risk?

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Part 1: Risk and Security in Modern Systems

“Risk “is a term gaining real traction in any industry where cybersecurity regulations impact businesses. Many frameworks and regulations are turning to risk management as a proactive and comprehensive approach to security management. This shift can mean big changes for enterprises that aren’t generally considering risk as part of their security profile. 

This article is the first in a series of articles related to risk management as a challenge for modern businesses. Throughout this series, we will cover several topics related to risk management in modern business:

  • Why is risk management becoming the focus of cybersecurity?
  • Is abstract risk management detrimental to companies that would benefit from clearly-defined standards?
  • How does risk management apply to both enterprise and small businesses alike?
  • Is there a way to implement risk management with a standards-first approach?
  • Are their platforms, visualization tools, etc., that can change how we look at risk management?

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