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Quality over Compliance in Risk Management
Risk management should not only focus on meeting compliance requirements but also consider the quality and effectiveness of the measures taken. Merely checking the box for regulations is not enough; organizations should go beyond the minimum requirements and tailor their risk management approach to the specific assets they are protecting and the value they hold. This includes conducting penetration tests that are appropriate for the level of risk, the assets being safeguarded, and the importance of third-party data. It is crucial to prioritize the protection of sensitive customer data and ensure that security measures are aligned with the actual risks faced.