Enterprise security risk management (ESRM) is a strategic approach to security management that aligns an organization’s security practices to its overall strategy using established and accepted risk management principles. To support the enterprise and align with the organization’s strategy, security professionals should understand the organization’s context in terms of its mission and vision, core values, operating environment and stakeholders. The practice of ESRM creates partnerships between security and those who own the assets at risk. It addresses all domains of security risk in a holistic manner and without silos. ESRM places risks in context, enabling asset owners to make informed decisions with guidance from security professionals by utilizing a cycle for risk management.
Essentially, ESRM is concerned with identifying and understanding a business’ risk concerns and ensuring that the effort to mitigate those risks is with a clear understanding, and in alignment with, the broader business objectives and business leaders.
The ESRM cycle includes the following four processes;
Identifying and prioritizing assets
Identifying and prioritizing risks
Mitigating the prioritized risks
Continuous improvement of the security program
What Does an ESRM Program Do?
An ESRM program will;
Continuously assess ALL security risks facing the organization
Quantify and qualify threats facing the organization, regardless of the vector
Document and establish mitigation plans
Identify and document risk acceptance procedures
Document the “risk appetite” of the organization
Manage incidents when they occur
Provide root cause analysis procedures and reporting
Why Choose a Collaborative ESRM Approach?
Common problems faced by those working in security silos include;
Difficulty explaining the benefits of a traditional security program versus the department’s role
Budget requests are denied for specific security projects, even when critical to the company
Difficulty aligning with business stakeholders
Cultural alignment struggle with organizational stakeholders who feel constrained or “forced” to follow the security program
What Makes ESRM Different?
By aligning the security mission with the organizational mission, you can;
Gain an intimate knowledge of your organization
Understand what is important to the organization
Learn how to align risk objectives with business objectives
Help the business understand what security risks there are, or may be faced, while meeting business objectives
Offer an objective perspective on risk, allowing executives the ability to decide the path to address the risks
Provide subject matter expertise in the area of risk, resilience and security
How Can an Organization Benefit From ESRM?
Mission alignment – A proper understanding of the security department’s role versus simply the tasks assigned to it
Budget alignment – Lower total cost of ownership for the total security programs
Program alignment – Greater risk mitigation and proper risk prioritization throughout the organization
Value alignment – More direct connection to the protection of assets the business stakeholders truly care about
Call Crucible at 201-252-2532 today for a free, no-obligation assessment of your organization’s approach to ESRM and the alignment of its security objectives with the overall business objectives.