Oct 10, 2011
If you have any questions relating to this article and/or the attached whitepaper, we welcome you to contact Sidesh Maharaj at Deloitte Risk Advisory South Africa. Sidesh’s email address is firstname.lastname@example.org. Click Here to view Sidesh’s LinkedIn profile.
Unfettered communication is a key characteristic of the Risk Intelligent Enterprise. We encourage you to share this article and attached whitepaper with the senior executive team at your company. The issues outlined herein will serve as a starting point for the crucial dialog on raising your company’s Risk Intelligence while solidifying the important role of the chief information officer.
The Risk Intelligent CIO – Becoming a front-line IT leader in a risky world
In a business world as fraught with new risks as it is entwined with new technology, chief information officers (and those they report to) are increasingly aware that IT-related problems can come at a staggering cost to an organisation’s bottom line and reputation.
At the same time, perceptive CIOs realise that simply managing technology risks – however effectively they do so – is insufficient. Rather, they understand the imperative to exploit technology to manage risk across the entire enterprise, not merely within the IT department.
With heightened sensitivities around the issue of risk management, CIOs and IT professionals face both challenges and opportunities: to improve their IT department’s risk practices; to elevate their role from low-profile caretaker to high-value leader; and to harness the power of technology across the organisation to attain a higher level of risk management, operational excellence, and competitive advantage.
Grandiose goals for the IT shop? Far from it. Prescient CIOs already realise that information technology has a critical role to play in corporate governance, risk management, and regulatory compliance efforts. And they know that any organisation-wide initiative should be tightly aligned with IT projects, priorities, and processes.
The current high-risk environment provides a unique transformational opportunity for IT leaders with the vision and ambition to grasp it.
Imagine the benefits to your IT department, your entire organisation, and your career if you:
- reduce the cost of regulatory compliance with a comprehensive approach to managing multiple and changing requirements
- increase the efficiency of risk management through automated controls and real-time monitoring of risks
- improve your organisation’s ability to prevent, detect, and correct critical risk issues with integrated systems and processes
- reduce the burden on business operations by helping coordinate existing risk management functions and eliminate redundancies
- enhance the quality of risk information by initiating or participating in an organisation-wide effort to standardise risk management principles and language
- help improve strategic flexibility for mitigating risks to existing assets and for enhancing risk taking for reward
- provide a “comfort level” to the board, C-suite, and other stakeholders that the full range of IT related risks is understood, monitored, and intelligently managed
- help to transform the culture into one that considers all decisions from a risk-based perspective
- initiate a process to document all risk decisions and associated trade-offs
- begin an initiative to document, integrate, and maintain various IT risk requirements in a single repository
- integrate and coordinate risk assessments, moving the organisation towards a self assessment program to empower the business
These accomplishments are all within the grasp of The Risk Intelligent CIO. We encourage you to download the full article and share this information with your executive team and your network.
Download the white paper . . . . The Risk Intelligent CIO
As always, we welcome your comments and please share this article with your network!