Operationalize Your Risk Matrix with Radar® Compliance
Reduce organizational risk by operationalizing this critical tool.
What is a Risk Matrix?
A risk matrix is a tool used to assess the risk exposure to an organization after an event or incident occurs, such as a cyberattack, data privacy breach, or supply chain disruption. Organizations often have this tool in the form of a table or spreadsheet that helps them determine the incident severity and if any regulators, third parties, or stakeholders must be notified.
How Radar® Compliance Can
Operationalize Your Risk Matrix?
Spreadsheets and tables can help clarify your organization’s risk approach, but during an event or incident, your team might need more support than just a static document to make consistent and risk-reducing decisions.
Things move fast when there has been a security breach or lapse in internal protocol. When your organization’s reputation and profits are at stake, every second matters. That’s why your team needs a solution that will walk them through the decision-making process to ensure that no detail is overlooked and to recommend consistent notification guidance based on pre-determined severity thresholds.
The configurable workflow solutions Radar® Compliance offers operationalize Compliance, Risk, and Cyber requirements with their associated internal and external notification obligations, shortening the time spent getting to a notification decision, freeing up resources for incident investigation, and providing a transparent, documented process to all stakeholders.
The result is a company-wide streamlined compliance process that enables cross-functional collaboration and risk mitigation between IT, InfoSec, Cybersecurity, Privacy, Legal, HR, and Compliance teams. With Radar Compliance, Organizations can be confident that they not only fulfill incident notification obligations to all stakeholders but also meet the critical regulatory need for defensible and consistent documentation.
A Risk Matrix by any other name:
- Risk assessment framework
- Severity thresholds or levels
- Escalation procedures
- Materiality or notification thresholds
- Priority ratings
- Risk heat map
