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Digital Risk

Turn Digital Risk to Digital Advantage

Are we fit for the digital age? How can we build confidence in ‘being digital’? To thrive in this new digital eco-system, you and your leaders need to be digitally fluent, confident to adapt to new and familiar digital risks. You need to be digital first. This is how you can turn Digital Risk to Digital Advantage.

Is your digital risk approach fit for the digital age?

Effective digital transformation requires more than just implementation of technology. By applying nine risk lenses explore the organisation–wide considerations that help to build digital confidence. What lens do you need?

Where to focus first

Being digital has the power to change course for your business future. But alongside the opportunities, the consequences of a poorly planned and executed digital transformation can be severe. 

To transform confidently you must have the right people, partners, systems and governance in place, and embed an agile, flexible culture to drive rapid action when disruption occurs and incidents arise. 

  • Have you got a clearly defined ‘risk appetite’ for digital transformation? 
  • What could go wrong, and what you will do when it does? 
  • Is your culture driving the right behaviours to keep your organisation safe? 

Digitalisation brings unprecedented opportunities to enhance consumer experiences, develop new digital sales channels, and realign business activities around the customer journey. 

But the closer your business is to your customers, the more pressure there is to get things right first time – bad news and experiences travel fast on social media. 

  • How do you embed appropriate controls into digital customer journeys without compromising user experience? 
  • How can you use your data more effectively to manage compliance for digital channels? 
  • What are the conduct and customer risks that arise from your digital customer journeys? 

The pressure to innovate at speed and keep pace with competition has never been more critical as digital technologies continuously evolve. 

Those that adopt these technologies effectively ensure that they understand the risks that these technologies present, the opportunities for effective control that they provide, and tailor their governance models to reflect the level of risk associated with the technology as it scales and matures.

  •  Is your business need for speed to market creating unnecessary risk for to your organisation? 
  • Do you have a flexible control model to encourage innovation without exposing yourself to too much risk? 

Digitisation presents unprecedented opportunity to elevate the role of risk, compliance and control teams by turning the vast and growing streams of data into actionable insights.  

In order to take full advantage of digitalisation and to ensure risk, compliance and control activities are not left behind, new operating models, systems and processes need to be developed and embedded. 

  • Are you able to monitor risk in real time? 
  • Are your risk and control functions taking full advantage of disruptive technologies? 

The adoption of artificial intelligence and machine learning is increasingly rapidly, with front and back office business functions scaling its use. 

Safe and effective adoption is often held back by issues with early use-cases, as well as by internal stakeholder groups not being aligned on how to manage operational and technology risks, ethics and the use of data. 

  • Have you defined appropriate governance around AI and Machine Learning models? 
  • Are your machine learning algorithms explainable and are sources of potential bias being managed? 
  • Does your AI solution aligns with your organisational values? 

 

Read more 

Our Digital Risk insight

From edge computing to managing the digital risk of a remote workforce, from technology shifts to digital dependence, learn about an array of topics from our Digital Risk insights series.