Finding The Balance Between Innovation and Risk Management in New Technologies

New and innovative technologies like smartphones, robotics, the Internet of Things, cloud computing, blockchain, and connected devices are in the market for a while now. For any company to survive and be successful at this time, the adoption of these emerging technologies is vital.

Many companies' IT departments are adopting disruptive technologies to improve their customer experience and increase efficiency. However, there still some companies which are struggling to deploy new technologies with the required speed, agility and risk management.

Companies Need To Be Cautious

While companies are trying to adopt these technologies, many of them are neglecting the risk emerging from new technologies. Out of a big pool of companies who have selected the mobile and connected devices, half of the companies are unfamiliar about the risk assessment and threat management.

Almost half of the companies that adopted new technologies like robotics, cloud servers, internet connectivity of things etc. did not follow risk assessment.

This shortfall of the risk assessment is not due to the lack of awareness. Many business leaders worry about the risk which is linked with the company's technology investment, especially when their IT groups are implanting the new technologies at an excessive speed.

Best Time To Access Risks

When you are managing the technology risks, your company should implement the changes while or before the vulnerabilities are detected. It will help you in finding the risks and managing them on time. Similarly, technology risk management should be involved in embedding risks, adding value upfront, and strategic business planning rather than treating it as a cost that is must be paid.

Steps to Balance Innovation and Risk Management

The companies which are transforming can use these steps to make a balance between innovations and risk management.

  1. The technological organization should put leadership culture at the top of their priority.

  2. The organizations should also determine how the technology risk functions are interacting with other parts of the organization.

  3. The risk leaders of technology should change their view from "it should not be done" to "how it should be done with less risk."

  4. Always find the right talent for the job.


 

In Short

Adopting emerging technologies is a wise decision to be made by any organization. However, this adoption shall not be conducted blindly, and proper risk assessment measures shall be taken to ensure the safety of technological innovations in any organization.

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