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Executives, Take These Steps to Reevaluate Risk

Digital technology provides great opportunities to further explore IoT, customer engagement, or business analytics. However, with greater opportunity comes greater risk. In an article for TechRepublic, Mary Shacklett explores ways in which companies can control risks.

There are four things that can help individuals to better manage risk:

  1. Stress tests
  2. Corporate communication
  3. Permissions
  4. Education

Stress tests allow for financial service executives to look into their loan and investment portfolios for possible risks. These tests, in the very near future, will additionally need to accommodate the threat of larger data breaches or fraud.

When planning for the worst, companies often overlook who will inform employees, customers, or stakeholders. They fail to delegate responsibility of communications or determine who should not be talking.

It is vital that the right people within the organization have the right permissions to access the correct data. This is often complicated for businesses that are global. When the wrong people have permissions they should not, there is an increased threat of theft of important information. Clearances should be regularly evaluated and tested to ensure there are no breaches. Corporate security analysts should also be ensuring that their cloud providers are maintaining or exceeding corporate’s technology standards.

Corporate marketing should take it upon themselves to ensure that proper education is done regarding how to defend against negative remarks made about the organization through social media. This type of situation only illustrates further why a company needs to have a communication plan in place. If something were to be negatively said, who should address it and what should they say?

In 2016, thoughts about risks need to be broadened and encompass a whole new array of potential problems. This is the time to revisit policies to enforce what works and replace what does not.

You can read the original article here:  http://www.techrepublic.com/article/cxos-take-these-steps-to-reevaluate-risk-management-in-2016/

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