As we all know by now, the digital revolution is driving transformational changes in every industry, as organisations adopt these technologies to reshape how they create and capture value. Identifying, understanding, and addressing new risks associated with digital transformation will help businesses derive more value from their efforts in the future.
What’s more, understanding how digital transformation can be applied to risk management will enable organisations to take a more balanced view of digital technologies as both a source of risk and a way to manage risk.
Organisations understand that digital transformation can capture new growth opportunities while heading off the threat of disruption. These same organisations soon learn that emerging technologies create new risks that they haven’t encountered before and also add complexity to existing risks. The interconnected nature of these risks potentially creates a need to tackle them in a different way.
A recent report by Deloitte has identified 9 trends shaping risk and risk management in this new world. Whilst much of what they say is not new thinking, bringing it together in this way provides a helpful reminder to risk management professionals – in all areas and all types/sizes of organisation – to ensure all of these areas are being considered in their plans. Take a bit of time to read it!
Dougie McAndrew, March 2019