In this episode of The SecurityANGLE, our webcast series focused on the cybersecurity sector, I’m joined by fellow analyst and member of theCUBE Collective community, Jo Peterson, for a conversation about enterprise risk management trends that we are tracking in 2024.
Enterprise Risk Management from the 30,000-Foot View
Business continuity, risk mitigation, and enterprise risk management processes might not be sexy terms, but they all work together and play an outsized role in business success.
Before we dig into the trends shaping 2024, here’s a 30,000-foot view of Enterprise Risk Management and what it does. For starters, ERM solutions are gaining ground as people understand their vital role in risk management and protection. Global News Wire reports that the enterprise risk management market size is expected to surge from $10.58 billion in 2023 to $11.89 billion in 2024, boasting in impressive CAGR of 12.5%. Risk management has pretty much never been more important than it is today for a variety of reasons. These include the incredibly rapid pace of globalization, the pervasive use of digital technology, and the ever-increasing savviness of threat actors, all of which mean that new risks are emerging daily.
Enterprise Risk Management (ERM) is a top-down methodology that looks at risk management strategically from the perspective of the entire firm or organization. Enterprise Risk Management is intended to help companies identify, assess, and prepare for potential losses, dangers, hazards, and other potential for harm that may interfere with an organization’s operations and objectives and/or lead to losses. In short, enterprise risk management is all about being proactive rather than reactive when it comes to risk identification and mitigation.
Enterprise Risk Management can deliver some big benefits, including, but not at all limited to the following:
- Enhanced risk awareness
- Increased stakeholder confidence
- Improved decision-making
- More efficient use of resources
- Improved business continuity
- And more effective coordination of compliance and regulatory concerns
Top 5 Enterprise Risk Management Trends We’re Tracking in 2024
In this conversation, the top 5 enterprise risk management trends we unpacked that we are closely tracking in 2024 include:
- Risk Maturity Models (RMMs)
- Enterprise Risk Management and the interconnection between Governance, Risk, and Compliance
- The importance of taking a holistic view of enterprise risk
- Persona-based risk modeling
- The ways in which AL is augmenting Enterprise Risk Management
For an overview of each of these trends and our thoughts on why they are playing an outsized role in enterprise risk management today,.
Note that you can stream the episode wherever you listen to your podcasts.
In this series, you can expect interesting, insightful, and timely discussions, including cybersecurity news, security management strategies, security technology, and coverage of what major vendors in the space are doing on the cybersecurity solutions front. As always, let us know if you’ve got something you’d like us to cover. You can find us on the interwebs here:
Shelly Kramer on Linkedin and Twitter; Jo Peterson on Linkedin and Twitter
Disclosure: theCUBE Research is a research and advisory services firm that engages or has engaged in research, analysis, and advisory services with many technology companies, which can include those mentioned in this article. The author holds no equity positions with any company mentioned in this article.Analysis and opinions expressed herein are specific to the analyst individually, and data and other information that might have been provided for validation, not those of theCUBE Research or SiliconANGLE Media as a whole.
Check out other episodes from the SecurityANGLE series:
6 Cloud Security Trends for 2024
5 Network Security Predictions for 2024
Cybersecurity: Evolution of the AI Threat, 3 Stages to Watch in 2024
