Security software company RiskWatch Inc. has released a new software program designed to assist financial institutions in conducting the IT security risk assessments required by a myriad of bank regulators.
‘RiskWatch for Banks and Financial Institutions’ claims to guide the user through the process of defining assets, assessing threat and vulnerability links, including recommendation of mitigating solutions by return on investment (ROI).
Various government regulations dictate the structure of the assessment process, which measures compliance against specific requirements. According to RiskWatch, the new software has incorporated these regulations into a true enterprise risk assessment program, featuring a robust analysis engine that creates web-based surveys, does the analysis of the risk elements and creates fully automated reports.
Risk assessment and compliance software, such as that created by RiskWatch Inc, is used widely by insurance companies, financial institutions and federal agencies in place of costly and laborious manual assessments.