AUTOMATED DETECTIVES : ANTICIPATING RISKS
TECHNOLOGY
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The impact of technology on the business world is pervasive and constantly evolving , which has meant that companies must take action in order to stay both competitive and secure . However , with so many complex products and solutions on offer , it can be difficult for businesses to know where to begin .
For some companies , it may be tempting to prioritise client-facing technologies that promise immediate and measurable commercial benefits , but businesses also need to think about long-term transformations in key areas , such as operational risk management ( ORM ).
The impact of poor risk management can be devastating for firms not only financially , but also reputationally , yet some businesses seem willing to take chances in this area . Failing to update ORM processes and systems will leave these businesses vulnerable to increasingly sophisticated cyber threats , data breaches and fraud . Investing in new technology for ORM is therefore more than just common sense – it ’ s essential .
AUTOMATED DETECTIVES : ANTICIPATING RISKS
Identifying areas of vulnerability from vast swathes of data is definitely not a one-man job . A report by McKinsey notes that around 50 %
JANUARY 2020