Improve your risk posture: Introducing Risk Management customization

Update, July 13, 2023: The Risk Management customization add-on is now generally available for purchase. The existing Risk Management base offering is available at no extra cost to Vanta customers.

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Today we’re excited to announce Risk Management customization, a collection of new capabilities in our platform that enhance the existing Risk Management solution and give you more flexibility to enable custom risk management scoring and prioritization. Currently in beta, Risk Management customization will be generally available in the coming months.

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Building on a solid risk management foundation

The new customization capabilities we’re announcing today build upon what Vanta has long offered — the ability to quickly and confidently perform a comprehensive risk assessment. Based on the ISO 27005 risk assessment guidelines and methodology, Vanta Risk Management meets the criteria for all major standards, including SOC 2, ISO 27001, and HIPAA.

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Since periodic risk assessments are both a requirement of most compliance frameworks and also an overall best practice, it’s no surprise that Vanta Risk Management capabilities have been adopted by thousands of customers as an essential part of their trust management strategy. 

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Make risk management your own

We’re now taking risk management a step further by empowering customers to describe, assess, treat, and visualize risk on their own terms by customizing their risk scoring dimensions, score groups and colors, and risk register. In addition, customers can automatically update their risk management policy when changes are made to their risk register settings. Managing customized risk is now easy to understand, easy to update, and tailored to your specific needs. The result is increased efficiency and an improved overall risk posture.

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Let’s take a deeper look at what Risk Management customization lets you do.

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Customize risk scoring dimensions

Vanta defaults to scoring risk scenarios on Likelihood and Impact, each on a scale of 1-5. With Risk Management customization, you can now customize not only the name and description for each scoring option, but also the scale. 

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Customize score groups and colors

Vanta also automatically groups risk scenarios into high (red), medium (yellow), or low (green) groups based on their risk score. These ratings and colors provide an easy visual cue to better understand risk when browsing the risk register. Ratings are also incorporated into a risk distribution heat map that summarizes the entire risk register in a single visual. With Risk Management customization, you can edit both the number of groupings and the bounds for each group. 

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Customize your risk register

Your risk register is the centralized place for tracking all of your risk scenarios, so it’s important that it reflects the way that your organization thinks about risk internally. Your view on risk is unique to the needs of your company, so Risk Management customization lets you add custom columns to your risk register and reflect this. From the date a risk scenario was last updated to the estimated cost and beyond, the columns in your risk register can be used to better reflect how you think about risk.

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Keep your risk policy in sync when you customize

Your risk policy typically includes your risk scoring dimensions and scale in Appendix B. If you make a change to either of these, you run the possibility of your risk policy being out of sync with the latest information. Risk Management customization ensures information stays accurate and up to date by prompting you to auto-update your risk policy whenever relevant changes are made to your risk management settings. 

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Getting started with Risk Management customization

Risk Management customization empowers organizations like yours to manage risk in a way that is easy to understand, easy to update, and tailored to your specific needs. The result is increased efficiency and an improved overall risk posture. Want to learn more? Contact us to schedule a live demo. You can also find more information about Vanta Risk Management here.

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If you’re a current customer interested in becoming a beta customer, contact your Customer Success Manager or Account Executive, or contact us today.