For organizations, navigating the digital landscape is a battle focused on winning in emerging markets, while disrupting existing ones. This paradigm shift is a result of growing business demands, as well as the requirements of a globalized world.
The digitization of services and processes enables organizations to be more agile and to operate more effectively, whether it’s in terms of delivering great customer service, or enhancing processes with supply chain partners. Going digital also helps enterprises stay competitive in a constantly changing environment of disruptive technologies such as artificial intelligence (AI), internet of things (IoT), cloud, mobility, and big data analytics.
While digital transformation has the potential to drive powerful results, enterprises need to be able to manage the associated risks effectively, including technology related risks, third-party risks, operational risks, regulatory compliance risks, strategic risks, or cyber risks. Resilience is key, but to achieve it, Chief Risk Officers (CROs), Digital Risk Officers (DROs), and Chief Information Security Officers (CISOs) must adopt a proactive approach to digital risk management.
A holistic risk management strategy that focuses on mapping business objectives to the associated digital risks has the potential to deliver better risk visibility and assurance than a traditional siloed approach. Therefore, many organizations are opting to integrate and streamline their digital risk management processes which, in turn, improves their ability to stay competitive in the digital age.
The Intellix Digital Risk Management Solution, built on a scalable GRC platform, enables organizations to meet their requirements for digital transformation by effectively addressing various digital risks associated with their enterprise, technology, and third parties.
Through the solution’s enterprise risk management capabilities, users can manage and gain a single view of the top digital risks across the first and second lines of defense. They can also leverage the solution’s IT risk management capabilities to streamline the IT risk analysis process, and establish consistent risk taxonomies. Meanwhile, the solution’s third-party management capabilities deliver comprehensive visibility into the digital risks associated with third-party relationships, thereby strengthening risk awareness and decision-making.
Powerful reports and dashboards provide real-time insights into enterprise risks, IT risks, and third-party risks, enabling organizations to keep up with the pace, volume, and complexity of digital change.