The criminals seem to keep up with technological advancements as fast as companies implement them. There are some technology risk management best practices that can help businesses stay ahead of the game.
Models
Incorporate data models that seek out new risks and adapt to addressing them. Automation comes in handy when dealing with existing data. New data sets can work with existing data to mitigate risk.
Integration
The experts at Arroyo states that integrating risk management and insurance can help mitigate losses. Look for ways to incorporate risk management into all areas of the business. Start incorporating risk management right from the beginning to limit overall risk.
KRI
Monitor and manage these smaller metric sets for easier maintenance. By using these actionable and measurable controls, managers can track risks and their direct business impacts. When based on good data, KRIs can measure the actual risk the company faces.
Reports
Having the models submit daily reports focused on outcomes can help the team adjust their risk management strategy. The reports can automatically run specific times of the day for use by the executive management team.
Using these technology risk management best practices can help mitigate risks posed by cybercriminals. Include technology as a proactive part of management’s role within the organization.