Running a business in 2018 is a fast-paced and complicated process, and organizations are forced to constantly adapt their strategies accordingly. This is due in part to the rise of digital technology and data that is challenging for businesses to alter traditional methods of running a business.
Businesses are becoming more global, interacting with customers and other businesses on an international scale. Organizations need to better understand risks that might potentially impact the success of their business operations, and learn new methods and techniques for effective risk management solutions.
At the Gartner Security and Risk Management Summit on June in 2018, they will identify and discuss hot topics in Risk Management such as cybersecurity, enabling safer cloud computing, risks, and opportunities of smart machines and artificial intelligence, data security and risk governance, people-centric security strategies, and agile strategies to secure digital businesses.
These topics and their related discussions provide an in-depth look at why businesses need Risk Management solutions in 2018. It’s no longer viable to rely on siloed risk management. To successfully overcome security and risk, organizations have to look to integrated risk management solutions.
In 2018, businesses are amidst a digital transformation, and their risk management processes are adapting as new solutions are providing support for this digital landscape. Businesses need the latest technologies, tools, and experienced professionals who are well versed in the complexities of risk management in a modern business world and research-based approaches to balancing their risk management goals.
Integrated Risk Management
Businesses are faced with many challenges in 2018, especially from digitization across business functions and processes, and it’s much more difficult to address operational and critical risks.
“Gartner predicts by 2021, 50% of large enterprises will use an IRM (Integrated Risk Management) solution set to provide better decision-making capabilities, and that the IRM solutions market will grow to $7.3 billion by 2020.”
Evolving risk thinking is critical to meeting global business uncertainty in 2018. Business leaders, decision-makers, and risk management leaders need to implement an Integrated Risk Management Solution that supports organizational progress in a safe and lucrative way.
This includes:
- Implementing a risk management program that addresses threats related to digitization.
- Using research and analytics to gain insights into factors that can potentially lead to profitability losses and other negative consequences.
- Utilizing forecasting capabilities to predict future changes in the global business landscape, including market structures, finances, customer sentiment and behavior, government and policies, and trends.
- Acquiring the right resources to support risk management in targeted areas of your business operations.
Complex Business Environments Can Lead to a Tidal Wave of Risk
There are some specific issues that pose serious risks for businesses, and these, in turn, can trigger further risks:
- Changing social demographics
- Cyber threats and gaps in online security
- Disruptive innovation and digital technologies
- Unpredictable geopolitical issues
- Shifts in regulatory conditions
There’s a potential “snowball or tidal wave effect” associated with risk which leads to an extremely complex environment for managing risks. Just as breaking down organizational silos is important for modern risk management solutions, it’s also important to acknowledge the deep complexities of changing business environments, which no single person can manage.
By promoting teams, and information sharing across departments, companies are better prepared to meet the challenges of a constantly changing risk assessment and identification environment. Obtaining insights that are easily digestible and shareable can enhance a company’s ability to address risk head-on.
Organizations are bringing together diverse minds from third-party sources that can collectively and proactively identify and manage risks.
Better Integration of Risk Strategies
Strategic business decision making needs to coalign with risk management. Business leaders have to integrate their goals and to plan in direct correlation to risk management.
Understanding what might impede the success of your business objectives, or identifying what might prevent you from achieving your organizational goals, will drive business leaders’ acumen of the value of risk management in combination with strategic planning.
Businesses can mitigate risks through dynamic risk management solutions:
- Trend Analysis
- Predictive Modeling
- Customer Segmentation and Profiling
- Pattern Recognition
- Customer Intelligence
- SWOT Analysis
Accomplished Risk Management Partners for 2018
Research Optimus (ROP), provides companies with the opportunity to use research to improve organizational decision-making processes through successfully analyzing and managing operational and financial risks. Business leaders, decision-makers, and managers need the right tools, technologies, and teams to support a wide range of risk assessment needs to increase business stability.
By outsourcing to an experienced agency like ROP, businesses can have an extension of their organization who already has the experience and understanding of dealing with risk management on a regular basis.
– Research Optimus
