According to a recent KPMG LLP (KPMG) and Forbes Insights tech risk management survey, 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.
Nearly half of the 200 senior IT risk management executives surveyed 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% that adopted Internet of Things (IoT), 44% that adopted cloud computing, 34% that adopted artificial intelligence (AI), and 32% 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.
KPMG’s tech risk management survey results
Dealing with the effects of industry-wide technological disruption is becoming ever more difficult.
Technology is changing so rapidly that ways of assessing its risk haven’t been able to keep up.
This has forced executives to re-think their organization’s IT risk function and seek an agile tech risk business model that can anticipate new developments.
According to a recent KPMG survey, 40% of IT executives struggle with mitigating the risks in leveraging and managing data in a changing tech environment, while 39% worry about effectively managing the delivery of IT to internal and external clients as emerging technology continues to change rapidly.
And a startling number of organizations are not including common technologies in their risk assessments, opening the door to various risks.
47% of IT executives say that mobile technologies are not included.
The figure is 46% for the Internet of Things and 44% for cloud computing.
Half of respondents say that emerging technologies within their industries will spur an expansion of their risk management efforts.
How can companies become proactive in anticipating tech change?
In order to unleash technologies at scale, companies must know how to identify and manage associated risks, while embracing and using technology to their benefit.
Besides the cost factor, NOT managing tech risk puts other key factors at risk, such as reputation, compliance, fiduciary, and operations.
KPMG can provide a dynamic action plan that can help reduce the overall cost of compliance while increasing operational efficiency.
PLUS - give you actionable insights with the agility to anticipate and mitigate risks by deploying technology sooner and more safely.
It starts with involving the KPMG Technology Risk team from the get-go.
Your business success relies on a proactive technology risk management strategy.