CIOs Take a Lead Role in Risk Management

By Dennis McCafferty  |  Posted 11-25-2014 Email

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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