CIOs Take a Lead Role in Risk Management

 
 
By Dennis McCafferty  |  Posted 11-25-2014 Email
 
 
 
 
 
 
 
 
 
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    Formidable Barriers
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    Formidable Barriers

    65% of C-suite execs surveyed said integrating new tech with old is one of their biggest challenges, and 52% said it's the difficulty/complexity of tech projects.
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    Prime Ingredient
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    Prime Ingredient

    98% said technology risk management is important or very important to the running of their firm, and 84% said their company's tech risk management program adds value.
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    How Tech Risk Management Adds Value
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    How Tech Risk Management Adds Value

    Increased customer confidence/satisfaction: 72%, Greater understanding of customer base: 69%, Better customer retention rates: 48%, Reduced costs for disaster recovery: 47%, Increased traffic to online/mobile platforms: 32%
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    Short-Sighted Approach
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    Short-Sighted Approach

    Just 41% of C-suite execs surveyed said their spending on tech risk management is focused on the long term, and 17% said it's done on a project-by-project basis.
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    Deciding Factors
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    Deciding Factors

    66% said they assess risk levels by evaluating the extent of a threat's impact, and 58% said they consider the likelihood of a threat occurring.
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    Lead Player
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    Lead Player

    62% of the respondents said their firm's key decision-makers on tech risk management are the CIO or CTO.
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    Hands-Off Approach
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    Hands-Off Approach

    Only 15% said decisions about tech risk management are made at the board level.
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    Helpful Tools
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    Helpful Tools

    70% said industry best practices—and 54% said internally developed metrics—will be important resources to identify cost-effective solutions for tech risk management over the next 12 to 24 months.
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    Tech Areas of Risk Management Focus
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    Tech Areas of Risk Management Focus

    Externally developed software: 66%, Software development: 47%, Mobile tech: 45%, Hardware: 37%, Payment systems: 27%
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    Biggest Potential Pitfalls of Social Media
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    Biggest Potential Pitfalls of Social Media

    Reputation/brand damage: 74%, Data leakage/theft 58%, Increased susceptibility to malware: 55%
 

In addition to serving as top IT innovators, CIOs are taking a primary role in the reduction of tech-related risks, according to a recent survey from FT Remark and Wipro. The resulting report, titled "Building Confidence: The Business of Resilience," indicates that nearly all C-level executives feel that technology risk management is important. After all, a problem with a major business app's performance, a network security compromise or an extended business-impacting outage can bring down the bottom line. In addition, an unforeseen social media issue could do lasting damage to the company's and brand's reputation. So, more than ever, organizational leaders are depending on CIOs and their IT departments to reduce the potential for such incidents. "Technology has become a driver of growth and a competitive advantage, [but] it has also become a potential point of failure," according to the report. "For many businesses, if the Website goes down, the sales stop, and customers can be lost to rivals. If a customer relationship management or [call center] system fails, customer service levels and sales performance suffer … It is crucial that firms have a good understanding of the risks they face, and take measures to [minimize] their exposure." A total of 330 C-suite executives took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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