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CFO’s in the Technology Industry Play a Key Role in Risk Management




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.


Who is Responsible for Establishing a Risk Management Culture in your Organization?

In a perfect world, everyone in your technology organization would understand risk management and its approach to risk and take personal responsibility for creating an environment of risk intelligence.

But chances are your organization is dynamic and that perfect world is hard to achieve. But there are a handful of people who can elevate the responsibilities for creating a strong risk management culture in your organization. They include champions from finance, legal, human resources, operations, production, marketing, sales, IT, strategy and planning.

Most of the time, these business units are responsibilities for making smart risk based decisions and preventing major missteps.

For more information about establishing a risk management culture in your organization, please contact a TechAssure member.


Why Should Early Stage Companies Develop a Risk Management Culture?

Emerging technology firms clearly understand the difference between success and failure. In most cases, pursuing success comes with a wide range of risks. In order to fully exploit business opportunities, a risk intelligent culture is needed.

Developing a risk intelligent culture requires that leaders actively shape their organizational that is closely aligned with their business strategies and each employee understand how to make risk-based decisions.

For more information about the development of a risk management culture, please contact a TechAssure member.


What Should Leaders do to develop a Risk Management Culture?

We often witness emerging technology firms that are challenged in the process of developing a risk management culture in their organization.

No matter how well documented the risk management policies and procedures are, smart technology firms know that the development of a risk management culture in the organization is key to taking risks and making them opportunities.

Business leaders who are looking to shore up their organization’s risk culture know that risk management needs to be a part of every department. That includes finance, legal, business development, marketing, human resources, IT, strategy and development.

For more information about developing a risk management culture in your organization, please contact a TechAssure member.