Risk intelligence is a systematic approach to identifying, analyzing, and managing risks using advanced tools and techniques. As a cornerstone of security strategies, it equips teams with the insights needed to avoid threats when possible and maintain operations during disruptions.
Preemptively anticipating and mitigating risks has become the gold standard in security. Reactive measures alone are no longer sufficient, as disruptions are inevitable. A political issue in one city can have ripple effects on businesses across the globe. While risk management isn’t new, modern tactics and technology have transformed its effectiveness.
The optimal approach combines time-tested strategies with innovative tools. This integration enables organizations to proactively address emerging risks, safeguard people, systems, operations, and assets, and maintain resilience in an ever-evolving threat landscape.
Understanding Risk Intelligence
This is where risk intelligence comes in. Key components of risk intelligence, all of which give leaders the ability to make confident, thoughtful decisions, include:
Step One: Data Collection
Data collection is the process of gathering data from both internal and external sources, including real-time feeds and historical records. Leveraging a wide-range of vetted, reliable sources ensures that the most robust intel is revealed. In order to maintain efficiency today, technology solutions such as artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) are heavily relied on, as humans simply can’t monitor and review millions of data sets in a timely manner. AI, ML, and NLP have revolutionized the security industry and have made it possible to be informed of events happening in real-time around the world without devoting hundreds of man hours.
Step Two: Analysis
Once the data has been collected and sorted, using technology guided by intelligence analysts who constantly monitor and refine these tools, a variety of analytical techniques are used to interpret the culled data. These techniques are statistical analysis, trend identification, and risk modeling. Each of these processes focuses on pulling trends, patterns, and insights that can help security leaders better understand their specific threat and risk landscape and develop a strong preemptive strategy.
Step Three: Interpretation
Interpreting the information, trends, and insights collected is an essential step; proper time must be dedicated to this process. It is the critical step when data and insights are translated into actionable information that considers both context and potential impact.
Step Four: Dissemination
After investing the time and resources to collect, analyze, and interpret the information, it’s time to disseminate it to all relevant stakeholders, such as C-level leaders, key department managers, investors, and so on. At this point in the process, you will share all insights with identified stakeholders through reports, dashboards, or alerts. It is important to consider what type of format is most useful to your specific organizations – some leaders appreciate more visuals, while some want a comprehensive study on all findings.
The Evolution of Risk Assessments
The action of risk assessment has changed a lot in recent years. From manual work to automating this activity, it is so much easier and time efficient to review risk-related information than ever before.
Advanced technologies like AI, big data, and predictive analytics are crucial in enhancing risk intelligence. What would once take a team of analysts hours and hours to review and analyze, can now happen in mere minutes.This evolution provides security leaders with more accurate, timely, and often real-time insights, transforming the security landscape for the better.
Building a Risk Intelligence Framework
There are specific steps for security professionals to take when they want to develop a risk intelligence framework.
Let’s break down this process step by step.
- To begin, the security team needs to define the objectives of the project. It is important to establish specific goals and scope of security risk in the risk intelligence framework.
- Next, the team will want to identify key risks. This entails determining which risks are most critical to the organization. Knowing this information is imperative in order to conclude the project with information that is helpful and relevant to your unique organization.
- Following this step, the team will need to select the tools and technologies that will assist them during this time. There are a variety of risk intelligence tools available, with each offering different benefits. Your team will want to review these tools and find one that best matches your needs and will be able to support the team during collections, analysis, and dissemination.
- At this point the team will identify design processes and procedures. This will establish standard operating procedures for managing risk intelligence activities. Having conclusive procedures helps to keep the team aligned.
- Lastly the team will focus on implementation and monitoring. Rolling out the framework is a pivotal moment, but the above steps should alleviate many pain points. Once the process has begun, teams must continuously monitor its effectiveness.
Teams will also want to be cognizant of where to source their data. As noted above, reviewing information from a variety of sources is key. Leveraging technology, such as the Seerist solution, will be essential as it is impossible for analysts to cull the world’s data alone. Another topic to discuss before diving into risk intelligence is identifying your organization’s risk appetite and tolerance. Understanding this is critical in shaping the framework and making informed decisions as appetite and tolerance will dictate what sorts of risks and threats are manageable and which must be avoided at all costs.
Leveraging Risk Intelligence for Informed Decision Making
Risk intelligence provides valuable insights that inform high-level decision making. This information is truly imperative in helping organizations anticipate risks and capitalize on opportunities, and will empower leaders to make better decisions during high pressure situations.
In addition to assisting in decision making, risk intelligence is useful in developing and refining scenarios and contingency planning – helping organizations prepare for various potential outcomes. Organizations can also use risk intelligence to allocate resources more efficiently, focusing on areas with the highest risk or impact.
Risk Intelligence as a Means to Proactive Risk Management
Predicting every risk and threat may be impossible, but preparing for most of the possibilities isn’t. By leveraging risk intelligence software, it is very possible to establish a proactive risk management strategy and help your organization preempt disruptions and keep people, assets, and operations safe. It centers around maintaining a continuous risk intelligence cycle to stay ahead of emerging risks and adapt to changing conditions.
Organizations seeking to establish proactive risk management need to embrace digital tools. Digital transformation is reshaping the landscape of risk intelligence, with an emphasis on the increased availability and complexity of data.
Interested in receiving support? Contact us today to try your free demo and see how our comprehensive risk intelligence works with your organization.
