ERMBA stands for Enterprise Risk Management Business Associate. It is a role in an organization that is responsible for managing the risks associated with third-party vendors. This includes ensuring that vendors are vetted and compliant with the organization’s security requirements, and that they are managed effectively.
The ERMBA role is becoming increasingly important as organizations rely more and more on third-party vendors.
Eramba is a simple, unique, and innovative GRC solution that not only meets the needs of the market but also is inexpensive for the end-user to buy for their organization. It has two versions i.e., community and enterprise. The community version is free to use, and it provides sufficient features to meet the needs of a small company. The enterprise version offers unlimited assistance from the core team, over 40 version updates, and extra features as well. It is affordable too, it costs only 2500€/year that is around 209€/month. Extra features include reporting, email notifications, custom fields, online assessments, and awareness programs. In addition to that, the Eramba takes GRC management to a whole new level. The training may include the followings:
- GRC Relationships, System Layout, Policy Module, Reviews, Notifications, and Filters.
- Internal Controls, Notifications, CSV Imports, Dynamic Status, Reports
- Compliance Management, Mappings, Audit Findings, Reports, and Login Dashboards
- Risk Management, Risk Settings, Notifications, and Dynamic Status
- GRC Strategy and Implementation for Users, Groups, Roles, and Permissions.
Eramba is one of the best GRC solutions as it provides features such as exception management, data flow analysis, incident management, project management, security awareness, online assessments, automated account reviews, business continuity plans, and GRC templates. Exception management allows you to keep track of each approval you grant and send alerts when it expires. In the data flow analysis, you may record each data flow, the controls, the rules/policies, and the participants. It also enables you to understand the security of your data.
Through the training provided by Eramba for the incident management, you can methodically manage and record security events and occurrences using this module. Additionally, it enables you to link these occurrences to other pertinent GRC components, such as the assets affected by the incident. Every business is working on a variety of programs to manage risk. The project management module assists you in organizing each project’s responsibilities and assigning them to pertinent GRC components so you can oversee and demonstrate your efforts toward continuous improvement.
Eramba also has a standalone security awareness module which helps verify that you have a fundamental grasp of what security and compliance are and why they are crucial to your business in order to have a successful Governance, Risk, and Compliance (GRC) program. The online assessment module enables you to upload your questions and distribute them via the online assessments so that your suppliers can access them remotely and offer comments. Another standalone feature of Eramba is automated account reviews which allows security professionals to ensure that no one is given the incorrect role or group by knowing which accounts were used when, who has a valid account now, and whether any current employees have accounts on systems they shouldn’t have by knowing what accounts and their respective roles exist on every system.
If an incident occurs, the business continuity plan module helps the organization to keep the crucial assets safe and secure and maintain day-to-day activities. It also keeps track of the evaluations of your business continuity plans by documenting them. Eramba also supports free GRC templates that are available on opensourcegrc.org. In this way, you can pull templates straight into Eramba thanks to native interaction with opensourcegrc.org.
The policy management module helps your GRC program adhere to legal, regulatory, or compliance requirements by enabling you to monitor any authoritative document that needs routine inspection (e.g., policies, standards, procedures, guidelines, contracts, configuration templates, etc). It allows you to review policies and update their content when required. The roles are also defined in the policy management module i.e., policy owner and collaborator. It enables the end user to make new policies for their organization.
One essential element of any GRC program is internal controls. This module gives you the opportunity, among other things, to record these restrictions and offer proof of their upkeep and testing. With the use of the compliance module, you may assess your level of compliance with a variety of legal, contractual, and regulatory requirements or standards, including PCI-DSS, ISO 27001, and others. Risk management is likely one of the cornerstones for most GRC departments. The module has multiple functions, and it also offers one potential implementation strategy for risk management in Eramba. It also assigns risk roles to the users/group, risks are also categorized based on the type of assets.
Eramba also provides an installation and configuration guide for the end-users. It can be installed on your Linux system or in a virtual environment such as VMware. The documentation provided for installation and configuration is extensive to enable easy integration of the application. Eramba also provides online demonstration as well for both community and enterprise versions to test out features provided by both variants. The online demonstration lets you play around with the solution to see its capabilities. However, keep in mind that the database resets every hour in the online demo.
Eramba is a straightforward, distinctive, and original GRC solution that not only satisfies market demands but is also reasonably priced for the end-user to purchase for their business. It provides modules for policy management, controls and audits, compliance management, risk management, and GRC relationships. As it comes in two favour, community, and enterprise, where the community edition is free to use and offers enough capabilities to satisfy the requirements of a small business and the enterprise edition includes more than 40 version upgrades, unrestricted support from the core team, and more features costing only 2500 euros a year, or roughly 209 euros per month. It is the best GRC solution available to the end-user that provides all the correct features and is light on the pocket as well.
What we do
RNR’s ERMBA role includes the following responsibilities:
- Identifying and assessing risks associated with third-party vendors: RNR’s ERMBA identifies and assess the risks associated with the organization’s third-party vendors. This includes understanding the vendor’s business, its security practices, and its compliance with the organization’s security requirements.
- Vetting and approving third-party vendors: RNR’s ERMBA must vet and approve third-party vendors before they are allowed to work with the organization. This includes reviewing the vendor’s security practices and its compliance with the organization’s security requirements.
- Managing third-party vendors: RNR’s ERMBA must manage third-party vendors throughout the relationship. This includes monitoring the vendor’s performance, ensuring that the vendor is compliant with the organization’s security requirements, and responding to incidents involving the vendor.
- Reporting on third-party vendors: RNR’s ERMBA reports on the organization’s third-party vendors to senior management. This includes reporting on the risks associated with the vendors, the vendor vetting process, and the vendor management process.
The ERMBA role is a critical one in an organization’s risk management program. By ensuring that third-party vendors are vetted and managed effectively, RNR’s ERMBA can help to protect the organization from risks and data breaches. Contact us now and protect your business and vendor management.
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