The telecommunications industry is distinguished by tough competition, huge infrastructure needs and little turnaround times for recognizing threats. In this highly complex environment telecommunication companies face IT threats. By adhering and implementing business information security guidelines, telecom companies will be able to fight IT security issues by making use of enterprise risk management consultants. Enterprise Risk Management The telecom sector all over the world faces numerous challenges due to market saturation and the economic downturn that causes pressure to cut expenses. Additionally, the internet together with the advancement in various technologies namely mobile communications and broadband has altered the approach of telecom companies. There are many global companies that support communication service providers to enhance the practices connected with their products as well as their services. The recession and today’s aggressive business environment have forced several business entities to concentrate on enterprise risk management. By this, companies undertake several activities in order to handle the various risks that they have to face. Some of these risks are financial, operational, strategic, compliance and hazardous risks. Business Risk Management Security risks and threats are natural in the telecom sector; the dangers are increasing rapidly due to the changing technology, better business models and innovative services. Therefore, business risk management should be given much importance in order to limit losses. The risk management policies of an organisation should be dynamic to deal with information risks successfully. There are several companies that help communication service providers (CSPs) to improve their competitiveness. This is done by building a framework for general risk management. Risks can be managed only if it is first identified and assessed and a framework set up. There are several companies that help telecom sectors in this field. Risk Management for Communication Service Providers In spite of economic uncertainty globally, the telecom sector has done relatively well. In India too, the telecommunications scenario has undergone considerable changes. In such a scenario, communication service providers should focus on business risk management in order to grow in a competitive market. They should enhance current level of service and also provide new services for the changing environment. Since, a whole lot of transactions take place through the infrastructure of the CSPs, security becomes critical. This is why; risk management is all the more important. In this setting, BSS or business support system is gaining top priority for the telecom companies in India. An advanced BSS system is vital for successful functioning of business by the providers. There are several small vendors in the BSS market in India which has resulted in tough competition. The challenge for the vendors in these circumstances is to help operators change their business approach for better services.
Author Bio:
Author is a diverse corporate writer, editor and marketer with years of experience. Currently sharing information on enterprise risk management, Business Support System and business risk management.