Revolutionizing risk: Info-Tech's dynamic blueprint for IT leaders

Technology's exponential advancement presents unprecedented risk management challenges for organizations, particularly with generative AI.  

Info-Tech Research Group's new advisory, ‘Establish a Roadmap for Integrated and Dynamic Risk Management,’ offers IT leaders a detailed blueprint to develop a proactive and interconnected risk management approach.   

Anubhav Sharma, research director at Info-Tech Research Group, emphasizes the inadequacy of traditional risk management systems.  

“Traditional risk management systems and capabilities, which rely on siloed, manual risk processes and uncoordinated responses with insufficiently defined risk accountability and risk data, are not good enough to take on emerging technology risks,” Sharma explains.  

With emerging technologies presenting nonlinear and unpredictable risks, adaptable and nimble risk management is essential.   

Info-Tech's research indicates that current risk talent management lacks the necessary technological expertise to handle new technology risks. Fragmented and poor-quality risk data within organizations exacerbate this issue.  

The rapid enhancement of risk capabilities is critical for success in today's fast-paced environment. This upgrade enables IT leaders to promptly address both known and unforeseen risks, ensuring proactive risk mitigation and organizational resilience.   

Sharma advises IT leaders and their enterprise risk counterparts to adopt a dynamic, interconnected, and proactive risk management approach. This involves integrating IT risk with enterprise risk practices and elevating risk management to a strategic level, ensuring competitiveness and resilience against new risks.   

The Exponential IT framework, recommended by Info-Tech, includes modern technologies to guide IT leaders in transforming their organizations and enhancing value-creation capabilities. This framework addresses the gap between the rapid technological changes and IT's ability to manage these changes effectively.   

Info-Tech outlines three essential steps for IT leaders to manage technology-related risks:   

• Define Vision: Understand the organizational risk context and desired outcomes to establish success criteria. Conduct comprehensive risk assessments across all departments, collaborate with stakeholders to align risk management goals with business objectives, and use data analytics to identify potential risk factors proactively.   

• Identify Initiatives: Evaluate the current and desired states of risk capabilities, explore recommendations, and develop actionable initiatives. Implement training programs to enhance risk awareness, establish clear communication channels for real-time risk reporting, and integrate risk management tools to streamline risk assessment processes.   

• Develop a Roadmap: Create a roadmap that outlines initiatives to enhance the risk management system. Continuously refine this roadmap to remain agile and responsive to emerging threats, maximizing opportunities for growth and innovation.   

As the technological landscape becomes increasingly complex, Info-Tech's blueprint offers a vital guide for upgrading risk capabilities. By employing advanced strategies and cutting-edge technologies, businesses can address current risks and anticipate future threats, fostering resilience and sustainable growth.