What are some of the challenges for assurance,
procurement and risk managers, and what role does technology
play?
Businesses need to manage many risks, with their impact and
complexity growing and placing a greater burden on organisations
all the time. Some risks are simply a factor of doing business
– if a company wants to grow or enter new markets then it
takes calculated risks on what the outcomes might be. If it wants
to change its products or services, it will undertake extensive
research to inform those decisions, thus minimising risk and
assessing the investment levels required.
Financial risks and the regulated risks that have a direct
impact on whether an organisation can trade, and its subsequent
trading performance, are probably the most closely and regularly
monitored. IT is another great example, where companies will have
teams focussed on ensuring that the risks of a data breach or
cyber-attack are mitigated, and that downtime for any other
