A recent international study has shown many companies’ risk managers still have a tendency to overlook the threats represented by the company’s technological component despite having well-developed risk management programs. These oversights can have grim results to a company’s corporate governance program if these threats occur unexpectedly. Also only a fraction of those managers involved in the study saying that. They possessed any real understanding of the issue and the rest. That are willing to acknowledge their ignorance of the matter. In the same study it was also discovere. That nearly three-quarters of all companies currently have no plan at all to handle the risks signified by technology. Still half of these systems are terribly under-developed and ineffective of the small twenty-five percent of organizations that have actually taken these threats into deliberation. Action needs to be assumed concerning this issue before it is too late for these companies.
Technology based risks were list among the top problems. That most organizations will face in the coming years in another study conducted last year. Risk managers are essentially putting the organization in its entirety at risk by not granting these technological threats the attention and anxiety they merit. These risks can comprise of such matters as breach of customer and third-party privacy. Monetary and information theft, digital fraud, and complete disruption, just to name several. It does not take some deep technological understanding to be able to completely account for and manage these threats and most risk managers don’t seem to realize this. And want to dismiss it as something too complex and time-consuming.
While risk managers may not have the tools and information necessary to incorporate these threats into their risk management strategies. They can rest assure that someone else within the organization surely does. Such as IT personnel. The real aim here should be to effectively assemble your knowledge and resources by including those individuals who retain the necessary understanding of these matters into your planning procedures to better address and plug compliance threats.
Most companies still have all necessary knowledge available to them to efficiently handle most matters that will come their way. Even though technological risks can be extremely varied and difficult to understand for those lacking a technical background. If only they knew where to look. Take the time to conduct a search of your company. Looking for those who can offer their understanding of the issues to your familiarity of risk management in order to obtain a well-rounded and efficient strategy. For effectively forecasting and managing all potential situations. Rather than fumbling with these problems and leaving your company susceptible to a range of all unaccounted for threats.
This will require a meeting in which you will need to bring in all your key people. To discuss and guide it with a line of questioning in order to uncover all the crucial information reverent. To predicting possible threats and locating ways to neutralize them. Make sure and keep communications open for future discussions once you have tapped into these information resources. It will be necessary to update and maintain your strategies as technology changes and new threats present themselves as risk management has no one-size-fits-all solution.