Technology has become increasingly central to all aspects of today’s business environment, failure of increasingly complex IT systems and processes has wide ranging consequences on all aspects of the business. The risk exposure presented by technology is often not factored into the company’s risk planning and in many cases inappropriate technology, deployed initially for a simple application, has been leveraged to provide business critical functions without first considering the wider risk implications.
It is no longer sufficient to only associate Technology risk with I.T. systems failure. Technology Risk appears in many different forms, each having potentially critical impacts on the business. Additional to systems failure, other areas of Technology risk include: Operational sustainability, staff risk (how to accumulate and disseminate knowledge), customer satisfaction risk, security risk, data loss, service level failure and external disaster events.
Implications for the occurrence of such events are widespread. Technology failures are often not contained to IT, other business groups are severely impacted and the effects are often felt externally by both customers and commercial partners. Losses are more than economic when public disclosure of such incidents damages the reputation of the enterprise and product brand equity, often leading to increased future regulatory scrutiny. Finally, failure to account for the business consequences of Technology risk doesn’t just expose the failings of IT management, but also the broader business level management.
In other words, Technology Risk is not simply a IT issue, it’s a business issue and as such Technology Risk becomes part of Business Risk with serious consequences for the strategic planning processes across the whole organisation. The management of technology risk must therefore be integrated into the broader corporate strategy so that risk can be mitigated in a manner that is appropriate to the business and cost-effective decisions can be made that deliver the necessary IT services to compete successfully.
Management of technology is often perceived as a daunting task for non-technical managers but as we understand both technology and business we are uniquely placed to help your business assess, manage and plan so that Technology Risk, and therefore Business Risk, can be reduced.
Beyond Technology Consulting has a range of infrastructure, process, and architectural review services that will assist you to quantify the risk profile of your current technology arrangements, taking into account the business needs of your company and then provide remediation plans to address areas of unacceptable risk.
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