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5 Risk Management Trends to be Aware of
Cybercrime is still the most common threat, and risk managers and IT teams need to have a rigid contingency plan and prevention strategies.
FREMONT, CA: With technology advancing at a fast pace, it is essential to prioritize risks to help create the perfect environment for a secure and resilient organization.
Here are five top risk management trends to manage in 2020.
Artificial Intelligence (AI) or Robotic Process Automation (RPA)
AI is designed to learn, adapt, and improve the customer experience while RPA is designed to remove the risk of human error by following specific rules to complete tasks and increase ROI.
The benefit of cloud technology is that there is no need to store paper trail as it has a central storage file that can be accessed anywhere from any device that has an internet connection
However, this technology comes with risk. It is important to keep in mind the data governance and change legislation when storing a vast amount of data and business information offsite and how to use it.
Keeping data safe and using it per the law is a challenge, and risk managers need to regularly monitor the data protection plans and test privacy functions on the cloud.
Advanced analytics have taken over traditional information tools to analyze a large number of personalized data. Intelligent data interrogation techniques help businesses get better insights and advanced analytics within a fraction of time without the need for more skills and resources.
It is certainly a risk to not take advantage of such advanced technologies as a head start against competitors.
Cybersecurity and Data Breaches
Cybercrime is still the most common threat, and risk managers and IT teams need to have a rigid contingency plan and prevention strategies. If these measures are not taken, cyber-attacks can damage the business reputation and lead to legal issues and ruin financial stability.
Lagging in Digitization
Companies that are digitalizing have seen a decrease in operational costs, improved accuracy, and increased positive customer experience. It also saves time by taking on repetitive works so that staff can focus on other essential business needs and also enhance customer satisfaction.
See Also: Top Cloud Consulting/Services Companies