We operate our businesses in a world where every company is a technology company and the number of risk factors associated with company data are increasing exponentially. Decisions are being made with too little information, in an environment where new technologies are being introduced at a rapid rate, regulatory requirements are constantly evolving, competition is increasing, and data breaches are on the rise.
The amount of data that is available in today’s business environment is at an all-time high. The proliferation of federal, state, local and industry-specific regulations make compliance and security that much more complicated. The Code of Federal Regulations (which lists all general and permanent Federal rules and regulations), for example, has grown from 54,834 pages in 1970 to 185,053 pages by the end of 2016.
Data is also no longer centralized within a company’s data center or services. Third-party data stores (such as ERP platforms, PEO and PRO vendors, AWS, Azure, accounting packages, payment processors, CRMs, and IoT devices) are contributing to company data increasingly being distributed across multiple platforms. This causes a greater need for out-of-the-box approaches to risk management and data protection.
Traditional risk management approaches associated with company data are inadequate and expensive. These methods typically consist of interrogative approaches that rely heavily on employee characterization of day-to-day operations or manual discovery that may be subjective and incomplete. Assessments completed by third-party experts often lack consistency and thoroughness, as these outside resources may not be familiar with a company’s overall risk management framework or platform configurations.
Benefits of a Data-Driven Approach
As data becomes an organization's critical asset and the complexity of protecting that asset increases, companies must adopt new, modern methods of managing data risk within their organizations. Those methods make use of the immense amount of information that is generated from data points across the company and track them to determine strengths and weaknesses in the organization’s technology operations. This type of methodology fosters an objective approach that is repeatable and consistent, regardless of the operator. It allows companies to remain current on the latest technologies, vulnerabilities and fixes; encourages the use of general and industry-specific best practices; and promotes an environment in which ongoing oversight is supported and encouraged
Services Provided by Corsis
Corsis has set the industry standard for providing a decision making platform that scores technology operations. The Corsis platform provides a revolutionary new way to visualize the health, risk and opportunity within an organization’s technology operations. This SaaS application consolidates IT assessment, compliance and risk management activities into one powerful tool that replaces traditional due diligence and IT consulting models.
What makes Corsis Unique?
Corsis’s score-based approach provides our customers detailed analytics across specific areas, allowing them the ability to self-assess and take action based on those assessments. The process evaluates hundreds to data points across a company’s technology operations and compares them to an extensive library of best practices to produce a score. Assessments topics may include common regulatory frameworks like HIPAA or PCI or compliance standards like SOC. The score provides the user with a clear understanding of their organization’s strengths or weaknesses. The chart below shows overall scores (on a scale of 20 to 100) of companies assessed using the Corsis platform. Here we see, in general, companies show weakness in their business continuity plans and documentation while this sample of companies show strength in their compliance operations and ERP systems.
Additionally, Corsis’s scores can be used to provide insight into whether or not a company is prepared to execute a growth strategy. In the chart below the Corsis score is being used to give new meaning to a common business strategy quadrant chart.
The Corsis best practice library and powerful scoring algorithm allow benchmarking against industry peers and provide detailed and customized technology remediation roadmaps.
Companies typically maintain significant vendor risk. Under HIPAA, for example, hospitals are responsible for data breaches of their vendors. Corsis’s scoring technology presents an easy way for our clients to stay on top of their vendors’ compliance status.
Use Case: M&A Transactions
Corsis has developed a repeatable methodology to assist companies going through the merger and acquisition process. This approach focuses on benchmarking against industry peers, developing a remediation strategy, and validating a company’s investment thesis by using the business intelligence platform developed by Corsis. The tool is designed to measure a company’s technology operations in each of the following areas: organization, infrastructure, software development process, information security, documentation, application architecture, compliance, business continuity and enterprise systems.
Use Case: Cloud Computing
It’s important to note that cloud platforms don’t decrease the need for infrastructure and security expertise. The thinking is that these platforms are so easy to manage that developers can handle any required provisioning. However, these individuals are often focused on shipping new features and are not often up-to-date on the latest features of the platform, or proactively monitoring for vulnerabilities and potential breaches. A data-driven approach makes highlighting best practices easier and provides statistics to back it up.
Corsis has provided technology leadership to many venture-backed, cloud computing-based platforms as they have grown from start-ups into mature operations.
Companies must also ensure that their vendors adhere to strict compliance standards. Large corporations with strict security and compliance requirements use Corsis to assess and monitor vendor and partner firms against their customized standards as well as standards established by federal rules and regulations.
Every company is now a technology company, and because of this new reality, risk factors associated with company data have increased exponentially. Traditional risk management approaches are no longer enough to offset the new levels of data availability, the sharp increase in third-party access points, and this new era of big data. A methodology that is based on empirical data gathered from critical points across the organization is the only way to keep up with today’s growing demands.
Corsis is well-positioned to provide you with the business intelligence needed to keep up with an ever-riskier world and make wise decisions that will positively impact your compliance and risk management activities.
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Leah Esan, Director of Client Engagement