Cloud not so risky

There is a misconception that cloud computing must necessarily offer weaker data protection than an in-house server, writes Kevin McDonald in IT Governance's latest book, 'Above the clouds: managing risk in the world of cloud computing', says Insurance ERM.

Cloud computing can help to defend an organisation from IT security threats such as denial-of-service attacks, viruses and worms, McDonald argues. The risk management process begins when choosing a service provider.

"You need to be confident that your business information will be secure. You need to make sure you carry out due diligence on the service provider before you entrust this firm with your vital data,” he says. The challenge is determining what questions to ask, what assurances should be in the contracts, and how much risk is being assumed when a service is moved to the 'cloud'.

The software category known as 'governance, risk, and compliance' (GRC) ended 2009 pretty much where it began: still lacking a clear identity, according to CFO Magazine.

It is an open question whether the GRC umbrella - stretching over at least 20 substantially different enterprise platforms plus an immense array of more-focused products that address specific facets of GRC - has any definition at all. "There's no arguing that from a buyer's perspective, 'GRC software' doesn't exist today," Ventana Research analyst Robert Kugel says.

But even as its marketers struggle to explain GRC, the software itself is becoming more capable of managing governance, risk, and compliance on a cross-functional, integrated basis - a long-standing need that is intensifying.

FRSGlobal, a risk management and compliance solutions provider, and the global partner of investment banking firm Kedari Capital, has won the Financial-i award for the most innovative regulatory reporting solution for the third consecutive year, says All Africa.

The company works through Kedari Capital's consulting arm to deliver enterprise risk management consulting and software solutions in Nigeria, based on its acclaimed risk management and regulatory reporting/compliance solutions.

The award was won based on a list of FRSGlobal's 2009 achievements which includes joint first ranking in Chartis ALM and Liquidity Risk report. It was also shortlisted for FSOkx Excellence Award 2009 for 'excellence in risk management and compliance systems'.