{"id":1322,"date":"2022-07-28T14:41:14","date_gmt":"2022-07-28T14:41:14","guid":{"rendered":"https:\/\/trusteconomics.eu\/?p=1322"},"modified":"2022-07-28T14:41:14","modified_gmt":"2022-07-28T14:41:14","slug":"risk-management-in-the-digital-transformation-of-businesses","status":"publish","type":"post","link":"https:\/\/trusteconomics.eu\/index.php\/2022\/07\/28\/risk-management-in-the-digital-transformation-of-businesses\/","title":{"rendered":"Risk Management in the Digital Transformation of Businesses"},"content":{"rendered":"\r\n<p>The rapid scaling of innovation and emerging technologies have fundamentally changed the way products, services and business operations are delivered. Recognizing, understanding and addressing new risks associated with digital transformation and innovation will help businesses take the right actions and decisions to deliver greater value in the future.<\/p>\r\n\r\n\r\n\r\n<p>Risk management should be an integral part of their strategic digital transformation, in order for businesses to become competitive and respond to new regulatory requirements and risks, always aiming for their growth and sustainability.<\/p>\r\n\r\n\r\n\r\n<p>How companies can respond:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Establishing a central governance authority to manage the risk of digital transformation and automation, which will define both the framework and principles of implementation of digitalization and automation, defining policies regarding the design, development of operating models, business capabilities ( capabilities models), innovative services and solutions (service model and solution design), as well as the relevant change governance models (Business Architecture and change management governance framework).<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Redesigning a common risk management framework for all three lines of defense of the organization and automating control mechanisms by sharing tools that help with digital transformation.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Investing in solutions that help standardize and automate (RPA, AI, ML) repetitive processes such as change management, IT incident management and customer onboarding.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Training and educating staff in new technologies and risk identification and assessment.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>With the use of artificial intelligence technologies for continuous scanning and in the recognition of regulatory requirements (Horizon scanning) and understanding of the effects.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>Also during strategic planning the following essential principles should be taken into account:<\/p>\r\n\r\n\r\n\r\n<p><strong>1.<\/strong>Intelligent management of essential risks should be a fundamental pillar of strategic digital transformation.<\/p>\r\n\r\n\r\n\r\n<p><strong>2.<\/strong> Designing and developing a digitally skilled workforce.<\/p>\r\n\r\n\r\n\r\n<p><strong>3.<\/strong> Digital transformation and automation of risk activities.<\/p>\r\n\r\n\r\n\r\n<p><strong>4. <\/strong>Review of functions to manage risks from emerging technologies.<\/p>\r\n\r\n\r\n\r\n<p><strong>5.<\/strong> Creating an ecosystem of partnerships to manage digitization and transformation risks.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>The rapid scaling of innovation and emerging technologies have fundamentally changed the way products, services and business operations are delivered. Recognizing, understanding and addressing new risks associated with digital transformation and innovation will help businesses take the right actions and decisions to deliver greater value in the future. Risk management should be an integral part &hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[163],"tags":[257,169,585],"class_list":["post-1322","post","type-post","status-publish","format-standard","hentry","category-corporates-businesses-industries","tag-business","tag-digital-transformation","tag-risk-management"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/posts\/1322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/comments?post=1322"}],"version-history":[{"count":2,"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/posts\/1322\/revisions"}],"predecessor-version":[{"id":1327,"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/posts\/1322\/revisions\/1327"}],"wp:attachment":[{"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/media?parent=1322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/categories?post=1322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/tags?post=1322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}