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4 Steps to Help Organizations Embrace Risk from Emerging Technology

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As companies continue to navigate the changing work environment brought on by the pandemic, it has become clear that business leaders will need to get comfortable revising and adapting their strategies to deal with disruption brought on from new technologies and new regulation. As risk management professionals, these rapid changes have made our job more important than ever to our organizations.

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Yet the majority of our organizations—particularly in C-suites—remain far from giving risk management experts the seat at the table they need to effectively safeguard against enterprise threats, digital or otherwise.

Data from PwC’s Global Risk Survey 2022 shows that executives are starting to recognize these risks: 79% of executives report that they view the breakneck speed of digital transformation as a significant risk management challenge. Moreover, this renewed focus is translating into increased funding, as 65% of organizations are increasing their spending on risk management technology and 56% said they planned to invest in risk culture and behavioral risk in 2022.

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Unfortunately, the survey also found that too many organizations are treating the risk function as an add-on or incorporating risk leaders into strategic conversations too late. Only 39% of business leaders reported adding risk professionals to decision-making processes early, which should be an essential step for executives seeking to minimize risk from the outset. On a broader scale, executives seemed to lack confidence in risk managers, with only 47% of respondents saying they feel “very confident” in their risk function’s ability to build a more risk-aware culture, a key element of any successful risk-focused company.

Particularly as companies invest in emerging technologies, business leaders need to listen more to their risk and compliance functions and integrate them into conversations about how those technologies will be implemented. Artificial intelligence is a great example: when companies rush to implement systems to accelerate efficiency and analyze trends, they risk creating disproportionate bias and violating personal privacy through data sourcing. Risk professionals need to be at the table from beginning to end to make sure that an evolving regulatory environment and other pitfalls are fully accounted for in the organization’s implementation process.

While investment in risk management technology is helpful, it is insufficient without making structural changes to the organization to prioritize the risk function company-wide. Particularly as companies consider adopting emerging technologies, the following steps should be considered not just by risk management professionals, but across the C-suite:

  1. Identify, categorize, and prioritize technology risks across the company. This should be done on a regular basis by a dedicated risk management team, married with the best tools available, with findings routinely reported back to senior leaders. Companies are on the right track here: 65% plan to increase their technology spend this year across data analytics and process automation to support detection and monitoring of risks. This initial step will lay the framework for the establishment of cyber threat intelligence, systems monitoring, and incident response protocols.
  2. Adapt IT governance to the emerging technologies being adopted. Risk professionals should work with IT teams and company leadership to create governance structures that integrate seamlessly with corporate strategy, allowing for alignment of day-to-day operations, effective decision-making, a framework for best practices, and promotion of investments that enhance business objectives.
  3. Update leadership often on the emerging tech regulatory landscape. Whether across data privacy rules, cyber reporting requirements, or other complex technology challenges, a robust compliance program should keep leaders across the company updated as new technologies are implemented. Otherwise, companies risk run-ins with legal authorities and the erosion of trust from their clients and customers.
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  4. Set expectations with leadership that not all risks are one and the same. Understanding the context around each piece of technology will become imperative to understanding its specific risks and the appropriate response strategy, including the maturity and complexity of the business processes to determine true risk to the company. Inherent in this case-by-case evaluation is an understanding of the company’s risk appetite and criteria for acceptable level of risk.

When adopted purposefully, emerging technologies can make companies more efficient, more profitable, and better stewards for their employees, clients and communities. Risk is often unavoidable for early adopters of emerging technologies, but it can be mitigated if C-suites equip their risk functions with a holistic strategy and a voice in key business decisions. As C-suites and organizations seek to adapt to a changing world, their success will hinge on the extent to which risk management is incorporated into their strategies.

Three Ways to Reduce Insider Threat Risks During COVID-19

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Months into the pandemic, organizations have recovered from the initial emergency of trying to ensure that their employees could safely work from home. They now realize that this remote reality will be extended—and they need to determine if they have the right cybersecurity protections in place. Most importantly, they need to stop insider threats, which account for more than 30% of all data breaches.

A long-term commitment to remote work requires a commitment to stopping data loss due to compromised, negligent, or malicious insiders. According to the Ponemon Institute, before the pandemic, the average annual global cost of insider threats rose by 31% in two years to $11.45 million, and the frequency of incidents spiked by 47% in the same period. Security teams are in a constant battle to stop cybercriminals from stealing employee credentials, prevent malicious employee action, and correct accidental user behaviors—all of which can result in unintended data loss. Three ways to reduce insider threat risk are:

1. Conduct a Comprehensive Insider Threat Risk Assessment

Each organization has a unique set of risks from insider threats. Be sure to complete a comprehensive risk assessment to identify your most important data and systems, who can access them, and the security controls you have in place to protect your organization. It is important to remember that data loss potential increases every time new information is created and stored. An organization’s most valuable assets (its people, including employees, contractors and partners) can also become its greatest vulnerability without sufficient data controls in place.

After assessing your environment, focus on identifying key risks and weaknesses to address. Successful elements include building a dedicated insider threat function to protect sensitive data, investing in training, and providing real-time policy reminders for users. Work with your HR team to educate and empower employees in subjects like secure data handling, security awareness, and vigilance. Following these steps will address and mitigate insider threats while establishing consistent, repeatable processes that are fair to all employees.

2. Place People at the Center

From a risk standpoint, organizations must place people at the center of their overall cybersecurity strategy—especially as the workforce becomes more distributed. According to Proofpoint, more than 99% of cyberattacks require human interaction to be successful. Chances of a successful attack only increase when employees are remote. Ultimately, data does not just get up and walk away—it requires someone to perform an action. So a people-centric security approach is necessary to mitigate critical risks across email, the cloud, social media and the web.

First, significantly limit access to non-essential data. Second, limit how long specific users can access the information they need to complete a task. For example, not everyone needs access to customer records. Be sure your security technology can differentiate between malicious acts, accidental behavior, and cybercriminal attacks using compromised employee accounts. This intelligence helps organizations respond according to the incident and provides context around the activities that took place.

Finally, detecting and preventing insider threats is a team sport. It is important to ensure the right stakeholders from each department are involved in your security program. This should include operations, human resources, IT, legal, and of course security.

3. Insider Threat Technology at Work

Organizations need to take a holistic approach to combating insider threats, especially during the pandemic. When assessing insider threat technology, be sure to first consider the performance impact of any solution and its associated scalability, ease of management, deployment, stability and flexibility. Select a solution that provides visibility into user behavior while complementing the tools your organization already uses.

A dedicated insider threat solution reduces threats by helping organizations identify user risk, prevent data loss, and accelerate incident response. This approach also distinguishes malicious acts from simply careless or negligent behavior.

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A more comprehensive cybersecurity program, while also putting training in place, can address negligent behavior before it becomes a security concern.

In 2020, everything about how and where we work changed.

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Unfortunately, both external and insider data breaches are accelerating. Organizations are losing more data due to compromised, negligent, or malicious insiders, so it is time to place people at the center of your cybersecurity strategy. Today’s COVID-19 reality weighs heavily on security teams.
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An effective combination of people, process, and technology can help remediate one of the most critical risk factors facing organizations around the world today.

Preparing C-Level Employees to Address Risk

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As risks associated with technology and cybersecurity have increased in the last decade, it is more imperative than ever that corporations undertake the proper protocols to protect themselves.

When it comes to implementing risk management processes, many assume C-level executives head up these efforts, involving key departments throughout their organizations. According to a recent study conducted by NC State’s Poole College of Management, however, 80% of organizations surveyed from all over the world have no formal risk training for executives.
A quick look at recent headlines shows how quickly a cybersecurity incident can damage a corporate brand. Many companies that have recently experienced data breaches also have been exposed by the media because of ineffective or nonexistent integrated risk management strategies. This can be for a variety of reasons, from executives trying to hide the breach to the belief that they can resolve the issue before it grows into something larger or, possibly the worst of the options, they are not aware that the breach is even occurring.

So how do we make risk a priority for executives?

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In my opinion, it comes down to properly re-framing the mindset of executives around risk through effective education and training.

Educate executives on risk types
When it comes to business, the term “risk” generally produces negative connotations, causing many to avoid addressing the phrase—and the issues—altogether. From workplace injuries, data breaches and even social media nightmares, risks tend to mean trouble for executive teams. The reality, however, is that not all risk is bad. Thus, executive teams must be able to distinguish good risk from bad risk.

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What constitutes good risk? Simply put; proactive risk choices that benefit the company. These can include exploring emerging markets and growth opportunities, expanding operations into new product areas and even partnering with new vendors. While these risks can produce negative results, given that they are actively pursued by leadership teams shows that they are intended to better the company and its employees.

Executive teams need to understand the differences in positive and negative risks and their larger impact to their organizations. Specifically, understanding multiple risk types exist can change the approaches your management team takes to recognize and address risks, which will echo throughout your organization.

Train executives on how to address negative risks
Executives must realize negative risks are unavoidable. Because negative incidents will happen, executive teams must learn how to bring proactive approaches to managing these speedbumps in daily operations. Thus, formal training programs should be implanted to educate executives on proper risk management.

Training programs should include internal and external communications strategies, both with positive and negative risks, remediation strategies for negative risks and provide tips on how leadership teams can be risk thought leaders throughout the organization.

Remember, an executive team that places value on proper risk management planning and training will produce a similar culture, enterprise wide.

This will allow organizations to more proactively manage risks before they snowball into larger issues, ensuring long-term success.

Consider creating risk committees
Since all C-level executives are crunched for time, risk management often falls to the back burner. In many situations, I’ve found it beneficial for the C-suite to create corporate risk committees. Designed to reduce the burden on corporate executives by providing an advisory board to report on risks, corporations can benefit from dedicated professionals examining risks throughout the organization in areas including IT and operations.

These committees serve as an extension of the C-suite and can create better transparency, while providing informed insights to help leadership teams make better, more educated decisions.

Remember the importance of a top-down approach
No matter what approach you take to educate your executive team and get them more involved in risk management, corporations must remember enterprise risk management requires working from the top down. As risk professionals, we must do our best to gain leadership buy-in and conduct enterprise-wide training to stay ahead of risk. If NC State’s study has taught us anything, it’s that we still have a lot to learn.

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5 Strategies to Maximize Your Risk Assessments

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While risk assessments enable organizations to understand their business issues and identify uncertainties, the best assessments go further. They prioritize top risks, assign risk ownership, and most critically, integrate risk management and accountability into front line business decision-making. Simply put, “checking the boxes” just isn’t enough to achieve an organization’s real objectives.

Effective risk assessments can also give organizations a true advantage. Our sixth annual Risk in Review study–comprising viewpoints from more than 1,500 corporate officers in 80 countries—finds that companies shifting risk management leadership and collaboration to the first line of defense are measurably better equipped to succeed. We call these companies “front liners.” While a majority of companies agree that front line decision-making is ideal, somewhat surprisingly, front liners represent only 13% of survey respondents.

Front liners use effective risk assessment strategies to enable revenue and profit growth, while also creating agility to bounce back from adverse events more quickly than their peers. They also outpace the pack when it comes to using risk management tools and techniques (such as a risk rating system or scenario planning).

Based on the study results, here are five strategies you can adopt to gain a front liner advantage:

  1. Put your risk assessments to use in real-time

For true impact, organizations incorporate risk assessment findings into their business decisions. Assessments should be efficient, and actions should be implemented quickly to address immediate challenges. Annual assessments are a best practice, but our study shows front liners have a robust risk culture, conducting regular assessments. Ongoing collaboration across all three lines of defense, reinforced by continuous monitoring, enables the organization to more effectively align business strategies with risk appetite.

  1. Develop actionable guidance and insights for leadership

Effective risk assessments are relevant and actionable. Be sure to interpret risk information and recommend next steps to help management incorporate the findings into their strategic decisions. Make it easy for boards and senior management to understand the key findings by providing thorough insights. Data will mean a lot more if you identify the recommendations, target outcomes and next steps. Gaining the front liner advantage is best achieved by integrating risk guidance holistically into the organization, including planning, growth strategy and investments to M&A, staffing, disaster recovery and crisis management.

  1. Speak in lay terms

Leaders outside the risk management function may perceive risk assessments as an onerous process loaded with abstract language and a heavy focus on negative outcomes. To help leaders see value in these assessments, define the risks, drivers and consequences in familiar terms using meaningful scenarios that are specific to the organization.

  1. Balance automation with the human touch

While automation enables mass data collection, organizations benefit most when risk assessment surveys are combined with facilitated discussions. Gathering important qualitative information, facilitators can bring together multiple viewpoints and encourage productive debate. Pre-reads may also be a helpful tool to level-set on the organization’s strategic objectives and overall risk landscape.

  1. Adopt a realistic view of risk management

It can sometimes be difficult for management to accept the findings of a risk assessment, especially if they believe there is a low probability such events will occur. To support strategic, risk-based decision-making, risk scenario analyses can spur productive discussions about the organization’s overall risk landscape, while dynamic, engaging tools like a risk scenario dashboard can help to draw in even the most reluctant participants.

Following these strategies can help your risk assessments to not only be relevant, but also essential to your organization’s business strategy and growth objectives.