Consult2Comply, a specialized enterprise governance, risk and compliance software and services provider, has recently introduced My Risk Assessor, a new, fully automated and hosted risk assessment product.

The newly announced SaaS (News - Alert) solution is easy-to use and is integrated with C2Cs Compliance Mapper platform, a tool specifically developed to solve the problem of paper based compliance challenges.

Officials said that MyRA helps executives and directors understand risk assessment and related responsibilities. It also provides the means to monitor, measure and manage the process of risk management.

In a press release, Steve Crutchley, CEO stated, “This risk management tool addresses the challenges of protecting assets with an automated, cost effective solution that conducts risk assessments and provides management process visibility. MyRA estimates the likelihood of exposure from numerous threats, vulnerabilities and identifies the procedures needed to control that exposure. It maps risk into policies, procedures and regulations and can calculate single loss and annual loss expectancy along with many other features.”

My Risk Assessor links to controls and aligns with ISO 27001 and NIST 800-53 requirements. It also boasts of a Business Impact Analysis component, which is considered critical to a company’s survival and can positively affect hundreds of operations within an enterprise.

Businesses, with the help of the tool are able to know which parts of the organization will be most affected by an incident and what effect it will have on the company as a whole.

Officials said that Consult2Complys automated compliance products are designed to support risk and control frameworks as well as creating regulatory mappings that produce reports to show users the relationship between selected compliance standards and their exiting frameworks.

In other news from March 2011, Consult2Comply announced that The Dodd Frank Act is now available as a standard for mapping in their compliance solution, Compliance Mapper.