Eight Steps: to Build a Proactive Tech Risk Management Framework & Culture

Although it’s crucial to seize control of the technology environment, this goal remains elusive in almost every industry. Technology is embedded into most critical operating processes, which means the implications of mistakes, failures or breaches can be severe from an operational, financial and reputational standpoint. Cybersecurity vulnerability is high.

According to recent KPMG report; ‘Disruption is the New Norm,’ the rapid pace of technological change represents one of the biggest threats to today’s businesses, with key findings from the report indicating that 72% of companies bring tech risk into projects only after the fact, once issues arise. Additionally the report further indicates that half of all businesses are using stale IT risk data collected ad hoc, through conversation, anecdotes, etc., rather than real-time, normalised data from systems of record, despite the threats poor technology risk management poses.

Shifting technology risk management from the reactive to the proactive, and creating an organisational culture that views IT and Tech risk as an organisation-wide function; not as an arm of compliance or cybersecurity, ensures that you can reap the rewards of modern technology without the risk.

Read on below to explore the eight steps needed to build a proactive risk management framework and organisational culture.