While not the first thing most companies think about when it comes to stabilizing their infrastructural and business model’s security, risk management can indeed prove to be a beneficial addition to one’s company. Moreover, risk management has become quite adept at predicting potential bottlenecks with the intent to help manage a company’s organizational and infrastructural pipelines via emerging information technologies (IT).
According to Tech Jury, 2019 was a year of IT overhaul for a plethora of global companies whose budgets were allocated toward replacing outdated infrastructure (64%) and meeting IT project deadlines (56%) respectively, with emerging tech making up 17% of the global IT market. Furthermore, Finances Online reports that 95% of companies relied on Software as a Service (SaaS) platforms in 2019, with IT budgets being allocated toward OS maintenance, virtualization, productivity, and security as top priorities.
Given the growing accessibility of IT hardware and software, risk management has been able to evolve in unique ways, facilitating further security and stability of organizations that chose to implement it to its fullest. That being said, let’s take a look at several noteworthy advancements in risk management which were enabled by the growing presence of IT innovations on the global scene.
Risk Visualization
Making risk visualization as accessible and straightforward has always been the goal of software developers and risk analysts working in the industry. With the rise of IT, risk visualization became possible beyond the baseline spreadsheet and infographic approaches utilized previously.
While tools such as Microsoft Excel still find their roles in risk management due to habits and reliability, risk visualization can now allow even untrained managerial or cross-department staff to notice potential flaws or bottlenecks more easily. Information technologies now facilitate visualization, modeling, and rendering of pre-inputted data with the goals of minimizing future risks and assessing current infrastructural or other information.
Streamlined Data Analytics
Depending on the scale of your company and the number of clients and projects you have on an ongoing basis, data generation, storage, and analytics can become an issue over time. Luckily, with the recent developments in IT software, it’s easier to engage said data and extrapolate concrete risk management results more easily.
Technologies such as Big Data, Business Intelligence (BI) software, and dedicated analytical tools have become readily available for extensive risk management implementation. Using such tools in your day-to-day risk assessment will allow further your margin for error, effectively saving precious time, resources, and renown of your company going forward.
Cloud-Based Computing
We’ve mentioned SaaS previously and for good reason. Information technologies have advanced sufficiently enough to allow for decentralized, cloud-based computing, and the use of software services on-demand. Effectively, this means that you don’t require expensive computer processing power to be present locally in order to use risk assessment software efficiently.
When it comes to SaaS, all you need is a functional computer station with stable bandwidth to fully facilitate its services. This is a huge step-up from previously utilized IT software packages that revolved around infrastructural LAN connections, poor update cycles, and only baseline client servicing from the software provider.
On-demand computing revolves around server farms and data centers which allow your company to use as much or as little processing power as necessary at any given moment. This is an economic approach to IT utilization which can be greatly appreciated by both small-scale businesses with small budgets and large corporations with enormous processing requirements.
IoT Integration
Internet of Things (IoT) technologies can be found in a plethora of applications today, including pacemakers, home security systems, and workout machines just to name a few. When it comes to risk management, the combination of IT and IoT has effectively created a new layer of security, monitoring, and analysis to be taken advantage of by industry professionals.
Using specialized IT software to monitor infrastructural, mechanical, and other elements of your company’s business model via IoT sensors and cameras has lowered the margin for error significantly over the years. This allows risk management specialists to spot potential bottlenecks, upgrade opportunities, and apply numerous data analysis and extrapolation techniques to their practice.
Data Cyber Security
Cybersecurity represents a constant risk, whether in the risk management department or company’s cybersecurity as a whole. While you may not be a target of a dedicated attack by an individual, automated malware code and potentially damaging data circulating the internet on a constant basis regardless of our deliberate intent.
Samantha Chase, Content Manager at GrabMyEssay spoke briefly on the topic: “Once you integrate your company into the world-wide-web is also when you should start thinking about cybersecurity. This is especially important if your business model revolves around digital devices, IoT technology, or cloud-based servicing. Act preventively; minimize the risk of breaches to ensure the safety of both your data and clients’ trust going forward.”
As such, the development and application of IT software in risk management have allowed for higher levels of cybersecurity, both in terms of data protection and IoT device access prevention. Utilizing specialized antivirus and antimalware software in addition to working with IT specialists familiar with current cybersecurity trends can effectively nullify a company’s odds at losing precious data and elevate its risk management to modern standards.
AI Capabilities
Lastly, Artificial Intelligence (AI) developments in the last decade have ensured a higher level of IT integration across all industries, risk management included. AI can be found in predictive algorithms, networked systems, and monitoring software thanks to its machine-learning nature.
In terms of risk management, AI can introduce new ways of preventing failure from ever happening due to its ability to simply learn what constitutes as good or bad in your internal company system. Effectively, risk management can become centralized and regulated through a single organizational compliance system for increased safety and security of everyone involved with your business’ data and infrastructure.
Conclusion
While IT has certainly elevated risk management systems to a new level, the software tools at your disposal will only be as efficient as you allow them to be. Trained staff and experienced risk management specialists will always outperform logical machine thinking, making their presence in the IT-based management system a priority.
Combined with dedicated risk management tools, your company’s systems will not only be closely monitored for bottlenecks but also allow for further business model development in the long run.
Author Bio: Nicole Garrison is a freelance blogger who is passionate about sharing her viewpoints and ideas with her loyal readers. She’s also a writer at BestEssayEducation and SupremeDissertation. She has dedicated her professional career to ensuring that written content’s value remains a top priority. As such, her writing influence extends to TrustMyPaper respectively, guaranteeing content quality and relevance to all of her clients.
