At a time of global change and uncertainty, the CFO position can play a dynamic role in risk management for a technology firm. In 2013, there are new and varied risk trends that a CFO needs to keep in mind when building strategies for company growth and survival. The members of TechAssure Association serve more than 5,000 industry clients and we are witnessing a few trends in risk management that are worthy of discussion.
Risky Tech Trends
A growing dependency on a tech-driven decisions and presence becomes a worrisome factor when assessing your organizational risks. “Big Data” has helped companies expand at a vigorous rate, yet it exposes companies to a wide range of cyberliability risks. This trend can’t be ignored. Cyber exposures exist in most companies.
Linking the Points Between CFO, CIO and CRO
The best risk management programs in a technology firm are the ones where the CFO, CRO and CIO are linked. If your organization doesn’t have lateral communication between these roles, you may not be experiencing the benefits of a strong cohesive risk management strategy and program.
Courting of Company Culture
When you develop your company guidelines and procedures, remember the importance of including risk management points and balancing the overall culture of the business. Calculated risk is an important part of company growth. You need to implement guidelines and build in expectations for risk, carefully managing and mitigating this by management throughout your organization. Communication should be open and interactive from top-level officers on down, allowing for the entire company to learn how to “grow smart.”
Versatility in a Changing Market
Successful risk management relies on a company’s versatility in a constantly changing market. The ability to change the marketability of a product based on trends and global need is an important part of risk strategy and scenario planning. Ideas of the board, CFO, CIO and CRO need to be in developed in conjunction with changing market trends. Analyzing the market trends and building a risk management strategy to support your objectives is key.
CFOs in the technology industry play a key role in risk management. When forming a strategy on risk management, consider speaking to a member of Tech Assure Association. Our worldwide network of brokers can build a program around your company’s unique requirements. Please contact us to learn more.