Technology
Risk Management
Services
New technologies and digital transformation come with many unknowns
Technology risk management (TRM) is a corporate IT risk strategy implemented by organizations to identify, analyze and manage risks arising from the digitization of business processes and new technologies that seek to increase operating efficiency, which also introduces new and diverse IT risks.
It also helps organizations ensure regulatory compliance with cybersecurity and data protection laws and take the necessary steps to avoid potential legal sanctions and enforcement
The TRM’s components include risk identification, risk assessment and prioritization, risk mitigation, risk reporting and monitoring, and risk governance associated with technology within an organization.
A comprehensive TRM framework also incorporates elements like regulatory compliance, third-party risk management, and technology operations management
The value of Compliance in Risk Management
Compliance adds value to risk management by providing a foundational framework and measurable controls that directly address legal, financial, and reputational threats
While risk management tackles a broad spectrum of uncertainties, compliance focuses on the specific risks associated with violating laws, regulations, and industry standards. By effectively managing this subset of risks, compliance becomes an indispensable and highly valuable component of an organization's overall risk management strategy
By moving beyond a "check-the-box" approach, organizations can leverage compliance as a strategic asset for sustainable growth
A Technology Risk Management (TRM) specialist is someone who possesses extensive expertise in information technology, cybersecurity, and data protection, combined with substantial experience in risk assessment and control implementation, as well as comprehensive knowledge of corporate governance.
The specialist's effectiveness is enhanced by an accountancy and business background, which provides a distinct advantage while advising organizations on TRM implementations in a holistic and balance approach, including the ability to work effectively with the Board of Directors and the Chief Financial Officer on project financial feasibility assessment.
