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At the start of a new year it is the perfect time to look to the 12 months ahead and shape your plans. With technology advancing at such a staggering speed, no doubt as a risk leader you will have a lot of risks to prioritize.
To help, we take a look at five top risk management trends to manage in 2020.
The ever-present risk of cyber crime reigns supreme again in the list of risks to manage this year. As fast as technology advances, so do the cyber criminals, which is why risk managers and IT teams need to have stringent contingency plans and prevention strategies. Without these, a cyber attack can damage your business reputation, lead to legal issues and ruin your financial stability.
We’ve already seen high profile victims this year, with currency exchange bureau, Travelex being attacked by a ransomware known as Sodinokibi (also known as REvil). In response, Travelex had to takes its systems offline leaving customers unable to access its online services.
Prevention is crucial and this should be top priority in 2020.
Information Age has released a view on the 10 cyber security trends to look out for in 2020.
Harnessing the power of AI and RPA to improve and streamline processes can give you a head start on both your targets and competitors – and increase employee satisfaction.
It is important to understand the differences between AI and RPA. AI is designed to learn and adapt and can help improve customer experience, for example through chat bots, among other things. In research undertaken by Accenture, 84% of executives are concerned that they’ll go out of business if they don’t make use of AI.
RPA is designed to remove the risk of human error through following specific rules to complete tasks, and if done right, can increase your ROI by a third (Accenture). It might seem costly and time consuming at first to set up and get trained on, but once you have RPA working tirelessly for your organisation, you’ll quickly see the benefits.
Traditional business information tools just aren’t able to keep up with the huge volumes of personalised data we need to analyze. This is where advanced analytics steps in. With intelligent data interrogation techniques we’re able to get clearer and advanced analytics and insights supplied to us in a fraction of the time it used to take, using up less time, and requiring less skill and resource.
While analytics presents more of an opportunity than a risk, not taking advantage of technologies that competitors might be is certainly risky.
Read more on the power of Advanced Analytics
With the rise in companies making the digital switch, if you aren’t yet following the trend then now is the time to get on board, before your competitors take the lead.
Digitization can contribute to operational savings, improve accuracy and increase positive customer experiences. For example, processes can become seamless and faster for new and existing customers, the cloud can mean accessing information is faster and available anywhere, and it can maximise revenue by keeping track of customers’ habits and tailoring communications. Digitization should reduce wasted time so staff can focus on more important business needs.
Read more: What is the digital age?
Cloud technology is leading the way in digitization, with benefits consisting of not having to store paper trails, being a handy central storage file, and essentially accessible anywhere from a computer, mobile, tablet (or any IoT device) that has an internet connection.
As cloud technology becomes more powerful, the benefits increase, and so do the risks. Data governance and changing legislation should be top of mind when storing large volumes of data and business information off site, and deciding how to use it.
Legislation is getting stricter and less forgiving on those who fall short of keeping data safe. GDPR is no longer alone. Legislation like the California Consumer Privacy Act, which came into force on 1st January, and Brazil’s General Data Protection Law which will come into force in August, follow similar principles.
More data means more power, but keeping it safe and using it in accordance with the law is a challenge. As a risk leader you need to frequently monitor your data protection plans and test privacy functions on the cloud. Using software, like Ventiv’s data governance module can help manage data protection responsibilities.
In today’s risk landscape it’s hard to prioritise risks, and all 5 of these 2020 trends affect each other, so managing each one effectively will help to create the perfect environment for a secure and resilient organisation. Ventiv Technology can support your business with innovative solutions and robust continuity plans.
Steve Cloutman is the Managing Director here at Ventiv Technology. If you would like any further information on the topics discussed here please contact him at STEVE.CLOUTMAN@VENTIVTECH.COM
Jan 17, 2020
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Lynn Barrett | Insurance Executive, Travelopia
Steve Robles | Assistant Chief Executive Officer Overseeing Risk Management and Privacy, County of Los Angeles
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