Risk Based Compliance|
Risk management is critical to the cost-effective operation and compliance assurance in the regulated industry. Valoit has developed a process to help companies identify risk, assess risk and take steps to reduce risk to an acceptable level.
The purpose of risk management is to identify areas of risk in terms of business viability and in terms of assuring public safety. Therefore it is important for a company to understand its business goals in order to identify related risks and implement effective controls.
Risk assessment identifies and targets processes that are business critical and are critical to product quality, and the health and safety of the public. Risk assessment is a system approach. It considers the software application, system infrastructure, system operations and the user environment.
Valoit’s risk assessment and management methodology is typically implemented by a team with representation from the system and information owners, the IT organization, and business and functional management, as applicable.
Upon successful implementation of a risk management process a company has a high degree of assurance that any identified risks have effective controls in place to prevent or minimize adverse impact to the company, its employees or the public that it serves.
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