You can never be fully ready for the future, but you can plan for some predictable risk management challenges. Better be proactive than be reactive at the eleventh hour. In this article at RM Magazine, Steve Schlarman discusses 6 risk management challenges in 2019.
Gearing Up for Risk Management Challenges
Sometimes you must look back to get a better picture of the future. So, analyze your organizational data about the risks that troubled you last year and stay prepared. Following are the 6 risk management challenges that are likely to worry you this year:
Using Risks to Stay Ahead in Game: Many companies are going to leverage risk management challenges as opportunities to stay ahead in the game. They are ready to take risks to enable digital transformation. Rather than risks being considered only at an operational level, they will be included in corporate strategies. CROs, CISOs, COOs, CCOs, etc. are going to encounter tough questions.
Added Security and Regulations: Drawing examples from the security incidents last year, companies must comply with new rules and regulations. Create plans for risk management challenges to stay updated regarding impending trade wars, supply chain revolution, etc. These new policies can dismantle your long-standing relationships if you forget to upgrade your processes regularly.
Data as the Core of the Challenge: While data can resolve risk management challenges, it can create troubles for you. A recent report suggests that cybersecurity is the top concern for C-suite executives. Also, data is the most desirable object for attackers. Hackers have sophisticated tools and methods, so be on high alert to prevent data breaches and mismanagement.
Incident Response Collaboration: Companies that reported data breaches have not only lost their data but also their hard-earned reputation. Instead of a siloed approach, business units must make risk management challenges an overall effort.
Old Security Protocols: The main challenge is occurring within the company where protocols and security levels are not equipped to address new-age risks. You cannot separate IT security from organizational safety now. Security review for waterfall projects will not gel well with the newer approaches. So, Agile must be the core strategy for businesses.
To view the original article in full, visit the following link: http://www.rmmagazine.com/2019/02/04/predicting-risk-management-challenges-in-2019/