In a progressively more digital world, a growing source of competitive advantage has been the deployment of technology-driven transformation. Whilst technology change has been at the forefront of organisational strategy, the accompanied risk management capabilities have not kept pace.
As organisations embark on their digital journey, they are faced with a multitude of risks originating across domains of data privacy and technology, and cyber security. This has led to the existence of siloed risk management capabilities which impedes the pace at which an organisation can execute their digital strategy.
To better enable organisations to fully reap the rewards of a modern business, an integrated approach to digital risk management needs to be adopted and fully embedded within digital transformation. If approached in this way, digital risk management has the power to not only prevent or mitigate a loss event, but also serve as a strategic benefit.
In this point of view, we look at the three Vs to drive successful digital risk transformation:
- Value: better protect value at risk, and create value through effective digital risk management
- Velocity: better work in lockstep with digital change and streamline the identification and management of Digital Risk
- Veracity: addressing risk cohesively to improve the precision of applied risk management. To explore how this aligns with your strategic focus, please get in touch with us to discuss