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July 2003

Identifying new approaches to risk management

For years, infosecurity has begged executive management for respect and struggled to get IT security on the corporate road map. Now that it's actually starting to happen, it turns out that many of us are unprepared to embrace the change. In thousands of organizations, there's a growing expectation that risk managers will not only be able to track and manage all forms of operational risk -- including information and IT risk -- but report on it in enough detail to satisfy regulators and the board of directors that it's being adequately managed. Management and government are imposing these new expectations through laws, regulations, accounting and auditing practices and the evolving concept of what constitutes good corporate governance. This change hasn't happened overnight. At publicly held firms, multinationals and especially financial institutions, it's been in process for several years. But it isn't just big companies that can expect a higher level of risk management scrutiny. Firms of all sizes, especially if they deal with ...

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