Achieving Data Compliance with Risk Monitoring by Monica Otero, ALLOut TRACE Solutions
Data is likely to be your organization’s most valuable asset in a fast-growing digitalized economy. With potentially millions of data changes made in your database daily, the residual impact of high-risk changes can be critical, either in terms of optimizing business operations or disrupting them. The key lies in a three-fold process that involves defining atypical high-risk changes, aligning insider risk with accountability, and facilitating consistent automated reporting.
Step 1: Defining Risk
What does ‘risk’ mean to your organization? ‘Risky’ data changes are anomalous, unusual, unauthorized, or unexpected modifications that could negatively impact the company financially or legally. Although each organization will have bespoke requirements when establishing the parameters of risk associated with their specific organization, typical considerations should include:
Step 2: Aligning insider risk with employee accountability
Once the foundations of what constitutes risk are defined, you need to establish who is allowed to do what. For example, an employee in the accounts department should not be able to change a client’s account number without following the correct procedure. However, if this does occur, it is vital to have automated monitoring tools in place that can:
Step 3: Consistent report and review
Implementing monitoring and detection tools takes you one step closer to fulfilling audit and compliance initiatives. It is essential, however, to retain, store and review essential data concerning critical business processes as it can facilitate the following:
If you have questions about mitigating data risk effectively, take a look at our TRACE - 360° data monitoring solution for IBM i and Oracle DB: https://alloutsecurity.com/products/audit-monitoring/trace-data-monitoring/