We must manage our technology risks and opportunities well
Why manage Technology Risks
We often get asked by business and organisation leaders why it’s important for them to create a formal structure to manage their technology risks. With the rapid advancements in technology we’re currently experiencing, this becomes increasingly essential for us to think about.
Over the many decades of working in this field, we have been in awe of the growth opportunities that technology provides businesses and in shock about the risks that they come with, which when paid attention to, become fairly easy to manage.
Business leaders today are grappling with multiple challenges and unknowns at once. The Tight labour market, geopolitical situations, and macroeconomic pressures just to name a few.
The changing technological trends provide huge opportunities to any organisation. These can include investments in Artificial intelligence, Machine learning, Augmented reality, Quantum computing, and Process Automation.
So when it comes to evaluating these options, a structured approach to decision-making for IT investments and spending can lead to significant rewards. It requires investing in the right Technology Governance, Technology Risk Management, and Technology Assurance capabilities.
Challenges in managing positive risks
Lately, Cybersecurity or technology risk management has become the boogeyman or babadook that controls our business goals.
Achieving maturity in managing technology risk can be demanding for organisations of all sizes. Common challenges include:
- Complex and ongoing compliance obligations
- Staff lack experience in risk processes
- IT teams are tasked with responsibilities well beyond their core function
- Heavy reliance upon supplier networks for key IT infrastructure and services
- Rapid change in GRC requirements and priorities
- Poor organisational change management
- Opportunities and disruptions of new technology
Managing technology risks may seem like an all-consuming task of Herculean proportions. It doesn’t need to be.
Negative outcomes of neglect
Technology Risk generates negative impacts across organisations:
- Missed growth opportunities
- Disengaged senior leadership
- Mismatched IT capabilities
- Tick-a-box approach to compliance
- Poor staff engagement with risk
- Project cost blowouts and delays
- Constant Firefighting
- Underinvestment in strategic IT capabilities
- Service outages
- Security incidents
- BAU over preventative maintenance
- Over-reliance upon service providers
Getting the right balance between opportunity and risk
Technology Success (Risks) Management
As organisations grow, the number of standards and management systems they must support grows with them. Paradoxically, organisations can be overwhelmed by maintaining multiple systems when their purpose is to improve business operations, quality, and security.
While trying to fulfill their desire to mature business processes or meet compliance obligations, organisations are increasingly being challenged by the overheads of maintaining multiple management systems and retaining their certifications. The seemingly minor administrative task of managing document sets is complicated by the differing lenses – cybersecurity, privacy, quality, business continuity, information lifecycle, data governance, risk management, etc. – through which different information management systems view the same core policies and processes.
By unifying an organisation’s multiple standards, policies, processes, and documentation sets within a single overarching framework an organisation can remove duplication of effort and lack of policy clarity arising from multiple sources of truth. Bringing systems into harmony with each other, and with day-to-day business practice, focuses them on realising the expected business outcomes.
Vital Advisory offer a Technology Success Management Framework ™ (TSMF) service which can help you realise the benefits that standards compliance is intended to bring.
Vital Advisory’s TSMF offers outcomes greater than the sum of its parts. By unifying management systems into an integrated whole, you reduce overheads, complexity and competing priorities.
Why implement the Technology Success Management Framework ™ (TSMF)
Every uncertainty, like a coin, comes with two sides. Risks and Opportunities.
There’s one aspect which needs to be managed, and at times needs immediate attention. And, there is another less obvious side, which has the potential to achieve something else, something positive, that could potentially open up something new for the organisation.
We have designed our TSMF to address these challenges in partnership with our clients and derive following key benefits:
- Support for your growth strategies
- Maintaining trust in your brand image
- Streamlining existing management system operations
- Simplifying and accelerating the adoption of new standards
- Cost reductions from merging common systems, processes, and standards
- Greater maturity in existing management systems and processes
- Reducing the compliance burden of customer audits or vendor security questionnaire responses
- Providing a wholistic view of management system activity
- Uplifting and strengthening wider business capabilities to support growth
- Meeting client and regulatory expectations of information security and privacy efficiently
Full coverage approach
Our Risk Management As-a-Service offering covers these key risk categories:
Management and Governance Risks:
Operation and Service Delivery Risk:
+ service management
+ change management
Risk Assessment Types:
Risk Management As-a-Service addresses more than just technical risks:
• Program and Project Risk Assessment
+ identifies the challenges to benefits realisation and assists change enablement
• Technology Risk Assessment
+ Application, Technology platform, Emerging technology
Autoation and improvements powered by
Our TechRiskPro Platform
The TechRiskPro platform helps you recreate existing governance, risk and compliance management system online.
Your forms. Your workflow. Your reports.
Mobile and in real-time.
Key benefits of our platform include:
+ Real-time data removes reporting delays
+ Visibility across multiple departments & sites
+ Enforced business rules effectively
+ Processes become automated reducing administrative workload
Key features of our TechRiskPro Platform
- Powerful system administrator functionality
- User permission management for access control and segregation of information
- Enterprise grade security
- Unique client database and encryption keys
- Single Sign On (SSO)
- REST API allows interface to 3rd party systems
- Highly customisable
- Highly scalable
- Low cost, Rapid deployment
- Subscription costs can include 1st or 2nd tier support
- Many pre-built form and report templates available in the library
Vital Advisory provide risk, business and technology professionals with an extensive record of risk and strategy implementations:
- Specialists and trainers in risk management standards with multiple decades of experience and industry credentials across the team
- Assisted numerous client organisations to achieve certification with international risk standards (ISO 30001, ISO 27001) and regulatory compliance requirements
- Vital Advisory understand your business challenges, having worked with a wide range of industries
If you’d like to discuss how Vital Advisory can assist you with achieving your Technology Risk Management goals, please contact us on +61 420 978 258.