Findings from the KPMG and Forbes Insights Tech Risk Management Survey show that enterprises need to create an agile and dynamic technology risk organisation to keep up with the pace of change. The question is ‘How’?
While companies across various industries are increasing their focus on emerging technologies to help transform their businesses, many are not assessing the risks that come with their adoption. This is the finding of a recent KPMG and Forbes Insights tech risk management survey of 200 senior IT risk management executives from four industries – financial services, technology, healthcare and life sciences, and industrial manufacturing.
Nearly half of respondents whose companies have adopted mobile applications and devices have not included them in recent IT risk assessments. The findings for other emerging technologies are similar, with 46 percent that adopted Internet of Things (IoT), 44 percent that adopted cloud computing, 34 percent that adopted artificial intelligence (AI), and 32 percent that adopted robotic process automation (RPA), not assessing their risks.
While not actively assessing the risks of adopting emerging and disruptive technologies, the majority of those surveyed are very aware that these risks exist. And, the risks may only escalate as companies seek to increase their investment in these technologies.
Although the survey is US-based, we believe the findings are consistent with what we are witnessing in Australia. The drivers and challenges described in the report are universal and the Australian market is subject to the same competitive pressures as the US.
The report distils key findings from the survey in order to unveil insights into next-generation approaches to technology risk – best practices that leading organisations are taking to build a forward-looking technology risk organisation.