to manage SOD and Critical Risks?
Our Client
Manage SOD and Critical Risks. Our client is a public limited company and started their chemical and textile business in 1983. The Gujarat based company manufactures soda ash, which is an important element for production and making of detergent, soap, etc. Its textile division produces high-quality yarn, Grieg fabric, and other textile products like bed sheets, curtains, made ups, and cotton yarn.
What made our client think about Verity?
Our client’s BASIS admin team was manually analyzing risks with risk analysis data, which was updated and maintained manually using spreadsheets. Whenever there were changes in roles or new user/role was to be added, spreadsheets were updated manually by the team.
The administrator then checked risks for the data available in the risk analysis spreadsheets. This turned to be an inconvenient task. Most of the times administrators failed to identify the risks appropriately, and make changes to role/users. This caused various problems in the system. Hence, many users abruptly got wider access than required.
Since it is a public limited company, it is mandatory for our client to manage SOD and critical risk. It is a part of the guidelines mentioned by SEBI in Terms of Reference (ToR) and general controls for managing systems/applications.
How Verity helped
to effectively manage Segregation of Duties
From a security point-of-view, Verity solution identified many security gaps within just a few hours of implementation. It analyzed a huge amount of Segregation of Duties and critical risks that were present at both intra and extra level. Verity also provided the data points to make the system compliant.
Based on this data, our team suggested best practices and good management practices (GMP). This helped in maintaining a structured authorization design, which largely minimized the number of risks.
Once we have established the right measures to address these risks, we have implemented them with the right mitigation controls into the Verity application. In addition, our team could configure the alerts for critical and mitigated risks so that the Controllers could receive relevant alerts for review.
The Advantage
Our client now has a complete knowledge how to manage SOD and Critical Risks that frequently arises in the system. Verity helped them in properly managing the mitigation (internal) controls, and get various alerts/reports when there is a deviation.
Further, our client can easily generate the risk matrices with the solution to understand the risks caused by roles.
ToggleNow assisted company to efficiently manage SOD and critical risks. By providing automated monitoring and alerts, ToggleNow enabled the company to identify and address potential conflicts of interest or risks in a timely manner. This resulted in improved compliance, reduced operational costs, and enhanced overall risk management for the organization.
Manage SoD and Critical Risks, Get in touch with our expert now!
