Technology Trends in Risk Management

As technology continues to advance, risk management becomes more complicated. There are more factors to consider, more platforms and systems to manage, and new laws and regulations to comply with.

As such, it is of vital importance that risk management professionals keep abreast of new developments as they come up and are popularized. This will help you to perform in your job, and maybe even to reach the next step in your career.

Here are a couple of the most important trends to be aware of.

The Cloud

Storing information in the Cloud is common practice these days, but many people and businesses aren’t taking the proper steps to protect that information. This can be a particularly big problem for companies.

If an organization experiences a data breach or hack via the Cloud, it is a public story. They risk losing the trust of their customers, as well as their employees, in addition to a significant monetary hit. They could experience regulatory penalties, too.

Therefore, professionals need to stress and understand the importance of Cloud risk mitigation. They need to offer solutions to management, and even educate them about the dangers in some cases.

If you are not yet an expert in this area, encouraging management to hire a consultant who can set you up and teach you how to maintain certain standards can be mutually beneficial.

Data Privacy

Because of information leaks and the prominence of the Cloud, data privacy is becoming a hot topic. This has led to increased legislation and governance around the topic. From General Data Protection Regulation (GDPR) to California Consumer Privacy Act (CCPA), there are many laws being introduced with the goal of protecting consumer information.

Of course, this is an important cause. Businesses have a responsibility to protect the information their customers trust them with. Therefore, many are investing in the necessary protections. Even so, some of these organizations do not fully understand the regulations. This is where talented risk management professionals can fill in the gaps.

Laws are constantly changing and tend to be complicated. A great risk management professional can separate themselves from the pack with the appropriate market knowledge and understanding. Go one step further with a plan to implement changes that make a company compliant and you’ve set yourself up for success.

If you’re not yet up to date, encourage management to consult a lawyer in that field, or talk to one yourself. Bringing this information to your company any way you can will help you to succeed in your current position and maybe even help you to land your next one.

If you’d like to learn more about how you can bolster your risk management career, check out our Michael Page advice section. You can also reach out to our expert consultants today.