Digital Risk: Automotive has been saved
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Digital Risk: Automotive
Creating confidence at the edge of possibility
How is digitisation impacting the Automotive sector?
The race for competitive edge has never been fiercer, innovation and resilience never more essential to success. Pursuing advantage means boldly acknowledging risk and going confidently forward - leaning into new possibilities undaunted by scale or complexity. Leading organisations know that people, processes and technology combine to continually reshape the frontiers of possibility – from the adoption of cloud, the shift to remote working, automation and artificial intelligence.
We can create the confidence to marshal these possibilities to action and help the leaders driving digital transformation create sustainable value. To find out what we can do to help you visit our Digital Risk hub and explore our framework, or contact us as below.
Responding to the risks that digital brings
Thriving in the new normal requires adapting to new technologies to stay competitively relevant while mitigating the risks to the business.
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Safe and ethical implementation of artificial intelligence and machine learning
Create the confidence and understanding to successfully embrace radical and dynamic new decision support systems in order to explore new frontiers in value creation |
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Risk conduct, regulation and culture in the digital world Lean into the possibilities of digital while confidently controlling the risks created by having a closer relationships with the consumer |
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Transforming digitally with confidence
Step forward into possibility, while being prepared for the unknown |
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Controlling disruptive technologies, cloud, data and agile ecosystems Create positive change through controlled revolution; protect BAU activity whilst embracing disruption |
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Digitisation of risk, compliance and control management
Transform effectively and safely by embracing digital strategies for managing digital risks |
Consider: How do these digital risks impact you?
Organisations should build the digital confidence required to thrive in the “digital world”
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Board
Are we getting the right level of information about the digital change happening in the business? |
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CIO
How can I confidently embrace new technologies and mitigate the risks of digital to allow for a more confident and effective business? |
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CMO
Am I able to harness the technologies and innovations that get the business closer to the customer and set us apart from the competition? |
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CTO
How can I build the trust in digital that’s necessary to overcome transformation fears and realise transformation success? |
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CISO
How can I help the business embrace digital, build safe and secure solutions by embedding risk management and security throughout the innovation and development cycle? |
Automotive Business: 2021 Digital Risk trends
Shift to Electric & Autonomous
Trends
Automotive is rapidly adopting electric vehicles coupled with enhanced driving experiences, driven by new technology and a shift in consumer sentiment
Risks
- Failure to adopt and adapt quickly enough
- Fundamental shift in core capabilities required to deliver the automobile of the future
- Failure to successfully and securely integrate third parties and customers into supply chain
Questions
- Strategy & capability: Do you have the right strategy and capabilities to deliver autonomous driving and the associated customer experience?
- Supply chain: How in control are you? What is your supplier risk profile?
- Digital transformation & delivery: Do you have the confidence that you are adopting digital in a safe and secure manner?
Scaling Artificial Intelligence & Automation
Trends
Intelligent automation and data are powering a wave of process efficiency and insight generation initiatives aimed at improving connectivity, and reducing downtime
Risks
- High costs of implementation and transition
- Cyber, human and service risks posed via access to automotive systems and data
- Productivity loss through automation malfunction and/or lost knowledge, feeding through to product recipients
Questions
- Strategy: What is your budget, reach, and plan for new technology and intelligence? Which processes could be optimised through intelligence? How will you use it to improve connectivity and performance?
- Governance: What is your governance process for intelligent automation? How do you track performance? Would your current governance controls pick up RPA as a thing to be managed?
- Security: How do you protect new technology and its role in relation to automotive data and performance? How do you manage, track & respond to cyber, human and service risk?
- Data: How will you configure intelligence? What’s the backup plan? How will you ensure compliance?
Migrating to the cloud
Trends
Companies are adopting a cloud-first strategy and migrating legacy systems to the cloud, improving business operations, security and consistency
Risks
- Costs of implementation and upkeep
- Cyber risk of systems being managed online and the damage that could be posed by any breach
- Data risk and loss through migration and storage
- Lack of cloud strategy and migration plan
- Limited data and infrastructure visibility, control and security
Questions
- Security: How do you manage access and protect against risk currently? How will you adjust this infrastructure in the cloud?
- Data: What is your current architecture? How scalable / flexible is your landscape? How do you secure & protect against data loss?
- Governance: How will you encourage organisation buy-in? Can you control the speed and extent of your Cloud transformation? Where does responsibility end?
- Control: How do you secure data and ensure regulatory compliance? Do you have oversight of your global landscape (costs/digital)?
Business continuity and resilience
Trends
As organisations adopt increasingly digitised ways of working, business continuity, resilience and disaster recovery require new and prioritised thinking to enhance and protect operations
Risks
- Limited cyber risk awareness and defences
- Limited awareness, resilience and protection of data held across supply chains
- Compromising of data privacy and confidentiality
- Limited licenses and business capacity to support and drive digital infrastructure
- Failure to realise value from and benefits of investments
Questions
- Security: How do you track and ensure security and data privacy? Do you implement constant monitoring and alerts for security and compliance requirements?
- Privacy: Do you implement it from the beginning, into all systems and operations?
- Data: How consistent, connected and transparent is your data? Do you run analytics to optimise performance? How do you maintain control, visibility and security over data across supply chains?
- Tools & Technology: How to fast-track implementation & adoption, and keep devices and systems patched and up to date? Is your technology investment achieving measurable outcomes for your stakeholders?
Customer Experience
Trends
OEMs are rapidly deploying capabilities allowing them to sell directly to consumers across channels, with online spend growing and new opportunities to capture customer spend
Risks
- Cyber risk not controlled in e-commerce platforms
- Failure to successfully and securely integrate third parties and customers into supply chain
- Poor customer engagement and responsiveness
- Generalising the customer experience
Questions
- Customer data: Do you know what you hold? Where is it? Who has access?
- Privacy: Do you implement it from the beginning, into all systems and operations?
- Supply chain: How in control are you? What is your supplier risk profile?
- Customers: Are your customer journeys inclusive? Do you know your customers, their needs, and how to interact?
