Traditional enterprise risk management consisted of reactive reactionary efforts to specific domains such as cyber security, fraud detection, regulatory compliance, and legal compliance. Often, the goal was simply to minimize, not preclude, any damage.
But with expanding regulations and noncompliance penalties, and the influx of big data, this paradigm has been replaced by proactive risk management measures that span the enterprise, and not just business units. It has become clear that virtually all data yields information about potential threats—once properly aggregated, contextualized and analyzed.
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