Utilizing Dashboards for Enhanced Risk Visibility and Management
Did you know that businesses lose an estimated $3.5 trillion annually due to risk-related incidents? Risk management plays a crucial role in safeguarding organizations against these losses and ensuring their long-term success. One of the key tools in effective risk management is the use of dashboards.
Dashboards, supported by models, risk analytics, and web-enabled technologies, provide a way to aggregate information about risks and create a risk management dashboard or scorecard. This dashboard serves as a common language for organizing risk management information, allowing for the identification, capture, and organization of risk data elements from internal and external sources. It provides a repository for data points and information about each business unit, risk unit, and support unit, including their processes, risks, risk management capabilities, and internal controls.
By utilizing dashboards, organizations can improve risk communication, align risk management with business objectives, and gain insights into risk management performance and best practices. In this article, we will explore the various ways in which dashboards enhance risk visibility and management, ultimately helping businesses mitigate potential risks and protect their bottom line.
The Role of Dashboards in Cloud Service Monitoring and Incident Response
Dashboards play a critical role in monitoring cloud services and facilitating incident response. At Amazon, dashboards provide concise summaries of system behavior through time series metrics, logs, traces, and alarms data. While operators may not monitor dashboards continuously, automated alarms constantly evaluate important monitoring data and can initiate automated remediation workflows or notify operators of issues. Dashboards serve as a central point of access for operators to quantify customer impact, validate root causes, and mitigate issues.
During events, multiple on-call operators can use different dashboards to perform tasks such as quantifying impact, tracing root causes, and executing runbook-based mitigation steps.
Peer teams and business stakeholders also use dashboards to monitor ongoing impact and communicate incident details.
In operations review meetings, high-level audit dashboards are used to assess customers’ experience and key service-level objectives.
Dashboards in cloud service monitoring provide real-time visibility, enable proactive measures, and reduce downtime and performance issues.
The Power of Real-Time Dashboards for Data Analytics and Decision-Making
Real-time dashboards offer a proactive approach to data analytics and decision-making. In traditional methods, data analytics has been a reactive process, relying on operational reporting from systems of record. However, this approach creates challenges in leveraging real-time data across different teams for timely decision-making.
That’s where Splunk, a powerful visualization tool, comes in. Splunk ingests and analyzes digital data from various sources, consolidating it into real-time dashboards. This allows executives to gain valuable insights into their organization’s current posture and make proactive decisions.
With Splunk dashboards, organizations can adopt predictive strategies, improve visibility into complex IT infrastructures, reduce downtime by promptly detecting and resolving issues, and achieve cost savings through optimized resource allocation and system health. The versatility of Splunk dashboards caters to various personas, providing views for security posture, zero trust implementation status, cloud conversion/digital transformation progress, WiFi performance, workforce management, and healthcare system analysis.
Splunk’s real-time, comprehensive, and flexible approach to data visualization empowers executives to drive transformation, save time, and respond quickly to opportunities or issues. By harnessing the power of real-time dashboards, organizations can leverage data analytics for strategic decision-making and stay ahead in today’s fast-paced business landscape.
Oliver Parker is a trusted authority in the field of third-party risk management, boasting extensive experience in crafting tailored solutions to address the unique challenges faced by businesses. With a keen understanding of compliance and regulatory requirements, Oliver's expertise lies in helping organizations navigate and mitigate risks effectively.
