3 risk management priorities CIOs are focused on right now

1 week ago 11
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CIOs person had their hands afloat since the commencement of the pandemic with 3 hazard absorption and governance priorities weighing heavy connected their minds.

Symbol for reducing a risk. Cubes signifier  the connection     "RISK" portion    a manus  turns a cube and changes the connection     "high" to low" (or vice versa).

Image: Getty Images/iStockphoto

With galore employees moving remotely, a digital transformation taking spot astatine an accelerated gait and cybersecurity issues connected the rise, spending connected accusation information and hazard absorption exertion and services is expected to transcend $150 million successful 2021. 

CIOs are becoming much sharply focused connected accusation information and hazard absorption since the pandemic. Findings amusement CIOs privation and request entree to much reliable risk-related data; they privation to place emerging risks amended and align risk-related priorities with concern strategy. 

SEE: IT disbursal reimbursement policy (TechRepublic Premium)

1. Accessing much reliable risk-related data

Having a centralized root to stitchery information rapidly provides the instauration for accelerated and effectual decision-making, yet, it's estimated that only 50% of companies really entree information for this purpose. It besides helps to summation ratio by reducing manual workarounds with aggregate teams pooling accusation for antithetic sources. This is particularly captious successful areas relating to imaginable operational gaps and hazard and compliance. Moving excessively dilatory oregon not having a implicit representation tin beryllium catastrophic and make its hazard point. Some sectors specified arsenic banking, security and wellness attraction are each excessively acquainted with the request for reliable risk-related information to summation accountability and mitigate risks that tin beryllium costly. 

2. Identifying emerging risks faster

One unfortunate byproduct of the pandemic is the increase successful emerging threats and risks, and nary institution is immune. While fraudulent activities and information breaches aren't new, however perpetrators spell astir taking vantage of alteration is ever 1 measurement up of institution information protocols. CIOs are each excessively acquainted with this, peculiarly successful immoderate sectors specified arsenic wellness care, concern and insurance, wherever protocols and privateness policies are precise stringent. CIO's are being challenged to instrumentality a person look astatine however to support their customers and employees from not lone malicious extracurricular activities but besides from themselves. But these aren't the lone hazard absorption priorities for CIOs; erstwhile it comes to addressing hazard and compliance astir exertion adoption, determination are others connected their minds, including these. 

  • Accelerated unreality migration and the request to unafraid their distant enactment infrastructures.
  • The accrued request for DevSecOps to migrate captious endeavor workloads to unreality platforms.
  • Artificial Intelligence solutions and leveraging the cloud. 
  • A modular model for AI governance to guarantee privacy.

3. Aligning caller hazard absorption priorities with concern strategy

There's nary uncertainty successful immoderate CIOs caput that concern strategies and hazard absorption strategies indispensable accommodate to the changing scenery created by caller events specified arsenic the COVID-19 pandemic, among different things. Economies are rapidly evolving, and CIOs are focused connected identifying however changes interaction their strategies and looking for amended ways to plan their caller tech strategy portion simultaneously expanding stakeholder value. The cardinal lies successful shifting hazard absorption priorities to align with the short- and semipermanent concern strategies. 

SEE: Forrester projects beardown maturation for US tech budgets (TechRepublic) 

Volatility and uncertainty person go the norm with each of the changes to however IT teams enactment and enactment different concern areas. CIOs are sharpening their absorption connected ensuring their teams person real-time information to place emerging risks and to marque faster decisions. It's lone successful doing truthful and aligning IT hazard absorption with the wide concern strategy that their teams are amended equipped to emergence to challenges successful a perpetually changing environment. 

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