Not surprisingly, the COVID-19 pandemic disrupted the overall risk management landscape across the business world. After all, no one predicted the advent of the Coronavirus and how it transformed the entire planet. A significant portion of the workforce switched to remote working, with many of them never returning to the office.
This new environment requires a fresh analysis regarding the risks affecting the modern corporation. So let’s take a closer look at some of the latest risk management trends influencing how companies prepare for the unknown. Leverage these insights to help your organization thrive in the next decade and beyond.
The Transformation to a Remote Employment Model
With companies moving to remote working, this transformation requires a proactive approach to cybersecurity. Notably, online criminals now enjoy many new targets, with employees accessing corporate cloud services from their home networks. In addition to SecOps considerations, employers need to take special steps to ensure workers maintain robust productivity levels. Failure in this regard leads to a risk of a disengaged workforce.
Using Data to Manage Supply Chain and Other Business Risks
COVID-19 also served to strongly disrupt global supply chains in a variety of industries. As companies try to manage supply chain risks after COVID-19, they increasingly suffer from the lack of quality data. This need for solid, actionable information also applies to other functional areas of a business beyond the supply chain. It’s a major reason companies turn to AI and data science as part of their risk management processes.
The Increased Use of AI in Risk Management
Speaking of AI and machine learning, companies increasingly leverage these cognitive technologies as part of their risk management efforts. These tech innovations help companies glean that actionable information from the masses of data they maintain. Expect organizations that implement ML models effectively to enjoy a competitive advantage over those without any use of AI. Effective use of machine learning ultimately augments human-based risk management decision-making.
5G and the IoT Help Companies Manage Risk in Real Time
5G networking and its lower network latency makes the promise of the Internet of Things a reality. Companies now gain the ability for real-time monitoring and management of risk in factories and other remote locations. Expect forward-thinking organizations to leverage this opportunity to make risk management a near-instantaneous business function.
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