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Chapter 13 Enterprise Risk Management and the Cloud

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Cloud Governance
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Chapter 13Enterprise Risk Management and the CloudGood risk management fosters vigilance in times of calm andinstills discipline in times of crisis.311–Dr. Michael Ong, authorLearning Objectives–Understand the definition and components ofthe Committee of Sponsoring Organizations ofthe Treadway Commission’s (COSO) enterprise risk management (ERM) framework–Understand the value of integrating cloud computing activities into an organization’s ERMframework to help manage cloud risksKey Terms1. Cyber Resiliency–“The ability to anticipate, withstand, recover from, andadapt to adverse conditions, stresses, attacks, or compromises on systemsthat use or are enabled by cyber resources.”3122. Enterprise Risk Management–An enterprise-wide approach“to addressingthe full spectrum of the organization’s significant risks by understandingthe combined impact of risks as an interrelated portfolio, rather than ad-dressing risks only within silos.”3133. Risk Appetite–“The types and amount of risk, on a broach level, an orga-nization is willing to accept in pursuit of its value.”3144. Risk Heat Map–A two-dimensional visualization of the list of risks priori-tized by potential likelihood and impact for management to help decidewhat risks to respond to.5. Risk Portfolio–List of prioritized risks identified by management.6. Risk Response–Management’s determination about how to respond to arisk (e.g., reduce, accept, transfer).Chapter Outline13.1 Introduction13.2 Defining ERM13.3 ERM and Cloud Riskhttps://doi.org/10.1515/9783110755374-013
© 2022 Walter de Gruyter GmbH, Berlin/Boston

Chapter 13Enterprise Risk Management and the CloudGood risk management fosters vigilance in times of calm andinstills discipline in times of crisis.311–Dr. Michael Ong, authorLearning Objectives–Understand the definition and components ofthe Committee of Sponsoring Organizations ofthe Treadway Commission’s (COSO) enterprise risk management (ERM) framework–Understand the value of integrating cloud computing activities into an organization’s ERMframework to help manage cloud risksKey Terms1. Cyber Resiliency–“The ability to anticipate, withstand, recover from, andadapt to adverse conditions, stresses, attacks, or compromises on systemsthat use or are enabled by cyber resources.”3122. Enterprise Risk Management–An enterprise-wide approach“to addressingthe full spectrum of the organization’s significant risks by understandingthe combined impact of risks as an interrelated portfolio, rather than ad-dressing risks only within silos.”3133. Risk Appetite–“The types and amount of risk, on a broach level, an orga-nization is willing to accept in pursuit of its value.”3144. Risk Heat Map–A two-dimensional visualization of the list of risks priori-tized by potential likelihood and impact for management to help decidewhat risks to respond to.5. Risk Portfolio–List of prioritized risks identified by management.6. Risk Response–Management’s determination about how to respond to arisk (e.g., reduce, accept, transfer).Chapter Outline13.1 Introduction13.2 Defining ERM13.3 ERM and Cloud Riskhttps://doi.org/10.1515/9783110755374-013
© 2022 Walter de Gruyter GmbH, Berlin/Boston

Chapters in this book

  1. Frontmatter I
  2. Foreword V
  3. Contents VII
  4. Part I: Introduction: The Context of Cloud Computing
  5. Chapter 1 Silver Linings: The Fourth Industrial Revolution and the Utopian Promises of Cloud Computing 1
  6. Chapter 2 The Dark Side of the Cloud: High-Profile Cyber-Attacks 13
  7. Chapter 3 Cloud 101: The Basics of Cloud Computing 19
  8. Part II: The Basics of Cloud Governance
  9. Chapter 4 Cloud Strategy 31
  10. Chapter 5 Cloud Performance Management 47
  11. Chapter 6 The Basics of Cloud Governance 59
  12. Chapter 7 Cloud Computing and the Shared Responsibility Model 71
  13. Part III: The Organizational and IT Context of Cloud Governance
  14. Chapter 8 Cloud Vendors and the Organization’s In-House IT Function 81
  15. Chapter 9 Cloud Sprawl, Cloud Inventory and Cloud Management 95
  16. Chapter 10 Sustainable Cloud: The Relationship Between the Cloud and ESG 103
  17. Chapter 11 Cloud-Driven Change Management and Learning 111
  18. Part IV: Governance Functions Disrupted and Transformed by the Cloud
  19. Chapter 12 Cloud Risk Management 131
  20. Chapter 13 Enterprise Risk Management and the Cloud 145
  21. Chapter 14 Security, Trust and the Cloud 163
  22. Chapter 15 Incident Response and the Cloud 175
  23. Chapter 16 Compliance and the Cloud 189
  24. Chapter 17 Internal Auditing and Cloud Computing 201
  25. Chapter 18 Third-Party Assurance and the Cloud 207
  26. Chapter 19 The Board of Directors: Cloud Governance and Asking the Right Questions 219
  27. Part V: Conclusion: Cloud Reflections
  28. Chapter 20 Reflections on the Utopian Promises of the Cloud, Wicked Problems and the Metaverse- Driven Future 239
  29. Endnotes 251
  30. List of Figures 279
  31. List of Tables 281
  32. About the Authors 285
  33. Index 287
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https://doi.org/10.1515/9783110755374-013

Chapters in this book

  1. Frontmatter I
  2. Foreword V
  3. Contents VII
  4. Part I: Introduction: The Context of Cloud Computing
  5. Chapter 1 Silver Linings: The Fourth Industrial Revolution and the Utopian Promises of Cloud Computing 1
  6. Chapter 2 The Dark Side of the Cloud: High-Profile Cyber-Attacks 13
  7. Chapter 3 Cloud 101: The Basics of Cloud Computing 19
  8. Part II: The Basics of Cloud Governance
  9. Chapter 4 Cloud Strategy 31
  10. Chapter 5 Cloud Performance Management 47
  11. Chapter 6 The Basics of Cloud Governance 59
  12. Chapter 7 Cloud Computing and the Shared Responsibility Model 71
  13. Part III: The Organizational and IT Context of Cloud Governance
  14. Chapter 8 Cloud Vendors and the Organization’s In-House IT Function 81
  15. Chapter 9 Cloud Sprawl, Cloud Inventory and Cloud Management 95
  16. Chapter 10 Sustainable Cloud: The Relationship Between the Cloud and ESG 103
  17. Chapter 11 Cloud-Driven Change Management and Learning 111
  18. Part IV: Governance Functions Disrupted and Transformed by the Cloud
  19. Chapter 12 Cloud Risk Management 131
  20. Chapter 13 Enterprise Risk Management and the Cloud 145
  21. Chapter 14 Security, Trust and the Cloud 163
  22. Chapter 15 Incident Response and the Cloud 175
  23. Chapter 16 Compliance and the Cloud 189
  24. Chapter 17 Internal Auditing and Cloud Computing 201
  25. Chapter 18 Third-Party Assurance and the Cloud 207
  26. Chapter 19 The Board of Directors: Cloud Governance and Asking the Right Questions 219
  27. Part V: Conclusion: Cloud Reflections
  28. Chapter 20 Reflections on the Utopian Promises of the Cloud, Wicked Problems and the Metaverse- Driven Future 239
  29. Endnotes 251
  30. List of Figures 279
  31. List of Tables 281
  32. About the Authors 285
  33. Index 287
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