Understanding Risk Management in a Microsoft Dynamics Environment

This is the first in a series of articles about how to manage risk in a Microsoft Dynamics environment.

In today's world, it's not hard to find a headline related to data breaches, embezzlement, or corporate fraud. Whether it's stolen credit cards at Target and Neiman Marcus or your data being watched by the NSA, data protection and privacy are more important than ever. Companies need to secure and monitor key systems to protect their customers, partners and employees.  In many environments, Microsoft Dynamics is that key system that holds sensitive financial, sales, and payroll data.

Every company in the world faces risk. It is a factor in each strategic and financial decision your company makes. Companies that recognize and understand their risks are better positioned to guard against situations like the massive customer data breaches that have been in the news. Likewise, a company that takes a proactive approach to risk is better positioned to seize opportunities as they arise. This recognition, analysis and proactive management of risk is called enterprise risk management.

Your company may not talk explicitly about risk management, but risk plays a part in every decision that is made. If you have ever built a list of pros and cons, you are engaging in risk management. When companies take a more formal approach to risk they can react faster and make more informed decisions. Do we have enough money to acquire that company? Can we hire additional staff? Should we move our Dynamics implementation to the cloud?

Beyond better strategic decisions, there are many other reasons why risk management is important to a company using Microsoft Dynamics. Some companies fall under regulatory compliance like Sarbanes - Oxley (SOX), FDA, HIPAA or DCAA. Each ...