2018-25, here we come. New dangers also emerge with the start of a new year, along with many of the same old hazards, but with a different understanding of their significance or where they fall on the risk spectrum.
Let’s look at some of the potential dangers that are predicted to influence our companies and employment in the next year, particularly those that are tied to technology, as well as some potential solutions we can put in place to stay ahead of these risks and make this year more successful and productive.
The Executive Perspectives on Top Risks for 2018 report was published in December 2017 by the Enterprise Risk Management Initiative at North Carolina State University and Protiviti. Globally, more than 700 board members and executives took part in the sixth annual survey, which evaluated their concerns—many of which related to technology.
The following dangers were ranked highest by survey respondents for 2018:
1 Rapid adoption of novel technology and disruptive developments
2 Defiance of operational change
3 Internet dangers
4 Regulatory adjustments and examination
5 The culture of the organization could not support the prompt detection and escalation of risk concerns.
6 Problems with succession planning and attracting elite personnel
7 Information security, identity management, and privacy
8 economic circumstances
9 data analytics and big
10 Existing operations are performing as expected and are up against “born digital” businesses.
It is hardly unexpected that technology dangers are the apparent emphasis. The speed at which technology is developing worries businesses on a number of fronts. Companies, in example, frequently worry that if they make significant investments in technology, they will lose money since the technology will be outdated by the time it is put into use.
as the time and effort frequently put into locating and putting into practice the “next great solution.”
This is why it’s so important to invest in technology that not only has the bells and whistles required to address whatever issue your business is facing, but that can also grow at a speed that keeps up with the market and your organization’s evolving demands. The ideal answer to it is cloud-based technology with flexible architecture.
Additionally, it is prudent for organizations to think about technology with broader—yet, still effective—applications that can support various departments, find solutions to a wide range of issues, and reduce the amount of technology providers you need to work with. Technology for integrated risk management is the best remedy for this.
By definition, integrated risk management technology is designed to address a range of business issues and departments. The solutions contained in a risk management information system are as varied as organizational risk. Numerous programs, including stand-alone ones for enterprise risk management, claims management, compliance and regulatory management, and health and safety management, can be replaced by it.
Instead than sparingly funding several suppliers with ad hoc solutions, spending more intensively in one provider of various solutions can actually lead to innovation: Both you and your selected provider will probably have a greater stake in the relationship. More cooperation and better outcomes are the result of this.
Get the information you need by reading “Pressure for Vendor Consolidation Increases: Don’t Lose Out On Services Or Technology You Need.”
Improved cyber-security, a top issue for most businesses following all the cyberattacks and data breaches that affected so many businesses in 2017, may also be achieved with fewer technology providers.
Take a look at “Learn how to Manage Three Major Cyber Security Threats to IT Departments.”
Your IT department may actually have more time to concentrate on broader cyber-security initiatives that will have a greater impact, like information security and privacy/identity management, which are other top concerns of survey respondents. This is because there will be fewer applications or systems to manage and less strain on your internal server.
It is obvious that technology is a serious problem and possible danger for companies when four of the top 10 hazards mentioned in the NC State and Protiviti research directly relate to it. It’s interesting to note that technology can also offer a viable answer. Consider how technological dangers are holding you back but also how they might advance you as 2017 draws to a close and 2018 roars forward.
Here Are The Top Risks From 2017 for Comparison
1 Internet dangers
2 Regulation observance
3 economic circumstances
4 Culture and behavior
5 worldwide responses
6 management of talent
7 Innovation occurs quickly
8 ties with third parties
9 Unpredictable USA/Europe