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How to take the risk out of the digital revolution

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Many businesses recognise the challenge of having risk management, governance policies and compliance procedures in place, yet five years ago few would have foreseen the latest requirement on the horizon: digital risk management.

As our worlds of BYOD, IT, IoT and an always-on, always-connected society permeates every corner of the globe, the risk for any business and multinationals in particular has grown exponentially. So much so, that Gartner predicts that by 2017, one-third of large enterprises engaging in digital business models and activities will have a digital risk officer or an equivalent.

What does that mean exactly? 

With the superset of technology now available to businesses and consumers alike, organisations have strived to share information, branding, content via multiple social channels and much more online. Paper and print is diminishing as we place more and more online, in the digital sphere. 

What this does is to create an enormous bank of digital content and in all likelihood, a disparate bank of digital assets depending upon the geography of an organisation’s offices. 

What might be deemed appropriate content and branding in the US and UK, for example, may be entirely different for Asia Pacific or South America. So how do senior executives, responsible for meeting multiple legislative and regulatory requirements monitor and manage their digital assets?

As Paul Proctor, vice president and analyst at Gartner says, “Digital risk officers (DRO) will require a mix of business acumen and understanding with sufficient technical knowledge to assess and make recommendations for appropriately addressing digital business risk.”

Creating a role or responsibility for digital assets within an organisation is a smart approach but how does one individual or perhaps a team monitor these assets across a multinational organisation?

Businesses need to consider the variety of different regulations across different regions, for example, the forthcoming amends to the data protection act across different countries, the assessment of technological risk of systems used to manage digital engagement or even the representation of a brand. 

All of these and more require regular assessment and monitoring so that if or when a DRO or risk management team is questioned about the organisation’s digital assets they can easily report back to the regulatory body or auditors, demonstrating that the organisation complies appropriately.

Wonder what this means for your business? Read on to discover how businesses that have not taken steps to de-risk their digital assets should act. Discover the tips on page two.

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