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Tag Archive for: technology

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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.

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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.

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Why Change our Risk Assessment Process?

There are cases where a technology company built a risk assessment process that worked well for a few years. But then a single event came along that made their risk assessment process less valuable. It may have been an M&A, a shift in business or growth in unforeseen areas. Unfortunately, it is sometimes too late once they discover that the risk assessment process that was being used was outdated.

The dynamics that affect the risks that technology firms take are always evolving. If your organization has experienced changes, it’s not too late to adjust your risk assessment process to be dynamic.

For more information about risk assessment for technology firms, please contact a TechAssure member.

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The Role of Technology in Risk Assessments

The role of technology in your risk assessment process can make a big difference in how your organization uses data. The use of technology can make it easier to pin-point certain business units, risk challenges and analyze the resulting data.

But with anything, the use of technology is only as good as the processes your organization has in place. Using technology in the risk assessment process requires that people still validate and correctly interpret the results.

For more information about building a risk assessment using technology, please contact a TechAssure member

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Making a Business Case to Invest More Resources in Risk Management

With constant changes in the economy it is often times hard to make a business case to invest more resources into risk management.

Technology firms often ask hard questions about ROI and steps to measure the results in risk management efforts.

While there is no one way to measure risk management results, you can do the following:

  • Take steps to identify a list of costs that you’d like to avoid.
  • Develop a list of costs that you’d like to improve, sharpen.
  • Develop a list of areas that your business could pursue if the risks were reduced.

These three basic steps can help you develop a business case to invest more resources into risk management. An effective risk management program should enable leaders to take advantage of opportunities in the marketplace.

For more information about risk management for technology firms, please contact a TechAssure member.

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How Often Should Risk Assessments Occur?

Some technology companies conduct an annual risk assessment, while others have a more frequent assessment of their organizational risks. We often get the question about the frequency that risk assessments be conducted.

Most of the time, an annual risk assessment is not enough for technology firms. The risks that these organizations face are not “static”, they are “dynamic”. Many of the emerging firms experience a great deal of organizational change in a very short period of time. In addition, our experience has been that more investors and shareholders are asking “what if” questions that relate to risk and opportunity.

A solid, and regular, risk assessment process can help your organization make decisions and become a foundation for building a dynamic risk assessment process in your organization.

For more information about risk assessment for technology firms, please contact a TechAssure member.