Risk Management: A Look Back at 2013 and Ahead to 2014

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Growing convergence among IT, security and the business: The landscape of risk and compliance continues to evolve, as organizations are asked to manage their IT risk and compliance activities far beyond that of basic audit and compliance requirements of the past. As new technologies bring their own set of unique risks, there is a growing disconnect among internal audit, security, compliance and the business on what it means to build, manage and lead a truly safe, secure and successful business.

As a result, we are seeing more focused efforts when it comes to getting these groups on the same page by building a common risk language, as well as a discussion framework to enable cross-functional collaboration. Doing so can set the context for communicating risks in a way that drives more effective governance and decision-making across the board of directors, executive management team and each respective business function.

According to Yo Delmar, vice president of MetricStream, 2013 has been witness to extraordinary change. We are living and doing business in an increasingly global, mobile, social and Big Data world, fraught with new risks and complex regulations. As such, individuals and organizations are struggling to keep pace.

In response to greater uncertainty, complexity and volatility throughout 2013, we’ve seen increased convergence and alignment amongst internal teams, including IT, security and the business. As a result, organizations are better poised to provide the context for communicating risks. We’ve also seen the business ecosystem evolve to include geographically diverse vendors and third parties, and as a result, organizations must continue to view these entities as part of the organization itself, and manage them in a more tightly and integrated way.

Organizations have also moved away from doing IT and security operations on an ad-hoc basis, taking on a formal and structured approach that is more aligned with business priorities. Lastly, 2013 saw the continued emergence of new and innovative online, wireless and mobile technologies, requiring organizations and IT departments to get ahead of the bring-your-own-device (BYOD) trend, especially as employees continue to move away from corporate devices with some personal usage, to personal devices with significant corporate usage.

It is important that we reflect on some of these key trends in 2013, especially as we look ahead to 2014. The year ahead will require even stronger risk management, with an increased focus on leveraging social media to drive situational awareness. Organizations will need to focus more of their efforts on continuous monitoring, also leveraging security and risk analytics based on IT and security Big Data.

Organizations that focus their efforts in a thoughtful, methodical and analytical way will be poised to keep pace, and stay ahead of change and complexity in order to drive strong business performance and sustainable value to the organization and its key stakeholders.


Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

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