In today's dynamic business environment, managing risks extend well beyond regulatory compliance. They threaten your reputation, brand integrity, customer loyalty, and financial stability. A single oversight can lead to significant repercussions, impacting your bottom line and market standing.
At TerraTrue, we understand the multifaceted challenges organizations face in identifying, tracking, and mitigating these diverse risks. Bringing together our proven proactive review management workflows with the new Risk Registry, we're delivering a unified platform to add a critical layer of control, enhance your business resilience, and strengthen your GRC (Governance, Risk, and Compliance) strategy.
What is the Risk Registry?
TerraTrue's Risk Registry is a centralized repository, intuitively organized, where all your organization's potential threats and their corresponding mitigation strategies are clearly outlined. It's built to seamlessly align with industry-standard frameworks such as NIST, ISO 27001, and FedRAMP, enabling you to maintain compliance and improve your overall security posture.
Key Features and Benefits
Centralized Risk Management
You can create, maintain, and archive a comprehensive list of risks, each accompanied by a “Treatment”, which is a detailed detection and mitigation strategy. Managing the list of risks is simple, with clear status indicators for "Published," "Draft," and "Archived". An audit log of all changes is automatically maintained. Furthermore, the ability to assign different owners to each risk item ensures accountability and communication.
Customizable Risk Attributes
Customization is at the heart of the Risk Registry. You can tailor your risk tracking by defining custom attributes that matter most to your organization. To get you started, we provide two commonly adopted attributes: Severity and Likelihood. These can be edited or expanded upon, allowing you to add any number of new attributes to capture all the nuances of your risk landscape.
Assignability and Tracking
The integration of risks with tasks within TerraTrue amplifies their visibility and facilitates effective mitigation.
By associating specific risks with tasks, you create a direct link that's visible within the task itself and the broader Tasks view within the LaunchPad. This connection fosters a proactive, accountable approach to risk management, ensuring that potential threats are addressed explicitly and promptly.
Facilitating Integrations
The Risk Registry delivers with its robust import capabilities. Quickly populate your registry by bulk importing risks from spreadsheets, saving valuable time and effort.
Moreover, all functionalities are accessible via our REST APIs, enabling seamless integration with external systems and empowering you to manage your risks and custom attributes programmatically too.
Role-based access control
The new "Risk Registry Editor" role ensures that the right people have the right level of access. Designated users can manage the registry, while all other TerraTrue users can view and associate published risks with tasks, providing transparency and collaboration.
Use Cases
The versatility of the Risk Registry makes it applicable across a wide range of scenarios. Examples include:
1. In Security risk management, it allows you to identify and track vulnerabilities, compliance gaps, and potential threats, assigning owners and monitoring risk treatment options.
2. For Privacy risk management, it facilitates more detailed compliance with regulations like GDPR and CCPA, integrating seamlessly with DPIAs and privacy worksheets.
3. In Operational risk management, it helps monitor and mitigate risks related to business processes and technology, including DORA compliance.
4. Furthermore, it simplifies Third-party risk management by enabling you to define and track risks associated with vendors.
5. Finally, it streamlines compliance with industry frameworks like PCI DSS, CIS Controls, and the UK Cyber Assessment Framework (CAF) by mapping risks to specific controls.
Partner with TerraTrue
We're committed to continuously improving the Risk Registry and welcome your feedback. Partner with us to further shape the future of this powerful capability and streamline your risk management processes. Contact us today to learn more about how the Risk Registry can benefit your organization.