Understanding the New Rules of Risk

 
 
By Samuel Greengard  |  Posted 03-03-2017 Email
 
 
 
 
 
 
 
 
 
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    Understanding the New Rules of Risk
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    Understanding the New Rules of Risk

    New technologies and an array of digital systems are affecting the risk landscape, so it's critical for IT and business leaders to keep up with security trends.
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    In Cognition
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    In Cognition

    Cognitive technologies increasingly augment human decision making. Artificial intelligence (AI) and smart systems will assist, and at times even replace, human-led risk management.
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    A Matter of Control
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    A Matter of Control

    A sensor-enabled, hyper-connected environment will force organizations to deploy pervasive real-time controls as part of their products, services and business models.
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    Eye on Behavior
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    Eye on Behavior

    Advances in behavioral sciences will fuel efforts to understand risk perceptions, influence risk behaviors and improve risk-related decision making.
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    Resilience Is Real
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    Resilience Is Real

    100% risk prevention is impossible. So, invest in vigilance (detecting risk events as they happen) and resilience (containing and reducing the impact of risk events).
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    Risk Transfer
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    Risk Transfer

    Insurance, contracts and novel financial instruments will gain favor for managing cyber-attacks, climate change, geopolitical risks, terrorism, business disruptions and more.
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    Regulation Follows Innovation
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    Regulation Follows Innovation

    The marketplace now rewards organizations that take on strategic, high-risk innovations—even if they fall outside the scope of existing regulations.
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    Risky Performance
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    Risky Performance

    As risks become more measurable and tangible, organizations will be better able to determine an accurate upside value for risk and encourage an appropriate level of risk-taking.
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    Network View
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    Network View

    As businesses engage more deeply with a large number of external stakeholders, including "crowds," a more collaborative approach to identifying, managing and reducing risks will emerge.
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    Disruption Is the New Normal
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    Disruption Is the New Normal

    Emerging technologies, business model transformations and ecosystem changes will force executives to make significant strategic choices to drive organizational success.
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    Taking a Proactive Approach
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    Taking a Proactive Approach

    Organizations must navigate a hyper-connected world dominated by mobile devices, social media and evolving expectations. A proactive approach is critical.
 

Trying to keep up with today's risk landscape is a task that ranks somewhere between difficult and impossible. New and emerging technologies, along with a complex array of digital tools and systems, are ratcheting up the stakes. Yet, it's critical for CIOs and other IT and business leaders to keep up with rapidly unfolding security events and trends. A recent research report from Deloitte, "The Future of Risk: New Game, New Rules," offers insights into the risks and potential responses for 10 critical areas of business and IT. "These factors have the potential to significantly alter the risk landscape for companies around the world and change how they respond to and manage risk," the report noted. Deloitte also outlines significant opportunities for enterprise leaders. "For leaders today, risk can be used as a tool to create value and achieve higher levels of performance. It's no longer something to only fear, minimize and avoid." Here's a look at how today's landscape is evolving and what you need to know.

 
 
 
 
 
Samuel Greengard writes about business and technology for Baseline, CIO Insight and other publications. His most recent book is The Internet of Things (MIT Press, 2015).

 
 
 
 
 
 

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