Digital Risk: Creating confidence at the edge of possibility has been saved
Digital Risk: Creating confidence at the edge of possibility
How is digitisation impacting the Consumer Products sector?
The race for competitive edge has never been fiercer, innovation and resilience never more essential to success. Pursuing advantage means boldly acknowledging risk and going confidently forward, leaning into new possibilities undaunted by scale or complexity. Leading organisations know that people, processes and technology combine to continually reshape the frontiers of possibility, from the adoption of cloud, the shift to remote working, automation and artificial intelligence.
We can create the confidence to marshal these possibilities to action and help the leaders driving digital transformation create sustainable value. To find out what we can do to help you visit our Digital Risk hub and explore our framework, or contact us as below.
Responding to the risks that digital brings
Thriving in the new normal requires adapting to new technologies to stay competitively relevant while mitigating the risks to the business.
|Safe and ethical implementation of artificial intelligence and machine learning
Create the confidence and understanding to successfully embrace radical and dynamic new decision support systems in order to explore new frontiers in value creation
|Risk conduct, regulation and culture in the digital world
Lean into the possibilities of digital while confidently controlling the risks created by having a closer relationships with the consumer
|Transforming digitally with confidence
Step forward into possibility, while being prepared for the unknown
|Controlling disruptive technologies, cloud, data and agile ecosystems
Create positive change through controlled revolution; protect BAU activity whilst embracing disruption
|Digitisation of risk, compliance and control management
Transform effectively and safely by embracing digital strategies for managing digital risks
Consider: How do these digital risks impact you?
Organisations should build the digital confidence required to thrive in the “digital world”
Are we getting the right level of information about the digital change happening in the business?
How can I confidently embrace new technologies and mitigate the risks of digital to allow for a more confident and effective business?
Am I able to harness the technologies and innovations that get the business closer to the customer and set us apart from the competition?
How can I build the trust in digital that’s necessary to overcome transformation fears and realise transformation success?
How can I help the business embrace digital, build safe and secure solutions by embedding risk management and security throughout the innovation and development cycle?
Consumer Products Business: 2021 Digital Risk trends
Shift to Direct to Consumer (D2C)
Businesses are rapidly deploying D2C capabilities across channels, with online spend growing and new opportunities to capture customer spend
- Cyber risk not controlled in D2C e-commerce platforms
- Failure to successfully and securely integrate third parties and customers into supply chain
- Poor customer engagement and responsiveness
- Generalising the customer experience
- Customer data: Do you know what you hold? Where is it? Who has access?
- Privacy: Do you implement it from the beginning, into all systems and operations?
- Supply chain: How in control are you? What is your supplier risk profile?
- Customers: Are your customer journeys inclusive? Do you know your customers, their needs, and how to interact?
Scaling Robotic Process Automation (RPA)
Automation is being scaled across functions, processes and geographies
- High costs
- Lack of strategic intent and value capturing
- Productivity loss through automation malfunction and/or lost knowledge
- Cyber risk through viruses and hacking of bots
- Strategy: What is your budget, reach, and plan for new technology and RPA?
- Governance: What is the your governance process for RPA? How do you track RPA performance? Would your current governance controls pick up RPA as a thing to be managed?
- Security: How do you protect new technology? How do you manage, track & respond to cyber risk?
- Data: How will you configure RPA? What’s the backup plan? How will you manage and ensure compliance?
Migrating to the cloud
Companies are adopting a cloud-first strategy and migrating legacy systems to the cloud, requiring business confidence and security
- Identifying and managing cyber risk
- Data loss through migration and storage
- Lack of cloud strategy and migration plan
- Limited data and infrastructure visibility, control and security
- Security: How do you manage access and network and infrastructure in the cloud?
- Data: What is your current architecture? How scalable / flexible is your landscape? How do you secure & protect against data loss?
- Governance: How will you encourage organisation buy-in? Can you control the speed and extent of your Cloud transformation? Where does responsibility end?
- Control: How do you secure data and ensure regulatory compliance? Do you have oversight of your global landscape (costs/digital)? How do you limit control steps?
Business continuity and resilience
As organisations adopt remote ways of working business continuity, resilience and disaster recovery require new thinking to enhance operations
- Low cyber risk awareness and defences
- Limited licenses and business capacity
- Compromising of data privacy and confidentiality
- Failure to realise value from investments
- Security: How do you track and ensure device security and employee policy uptake in virtual environments?
- Regulations: How do you meet regulatory obligations remotely?
- Tools & Technology: How to fast-track implementation & adoption, and keep devices patched and up to date? Is your technology investment achieving measurable outcomes for your stakeholders?
Success in digital transformation is determined by support in the journey and the construction of a digital-culture
- Failure to embrace a culture of connectivity and collaboration digitally
- Missed returns from digital transformation due to limited adoption
- Loss of market competitiveness due to challenges
- Buy-in: How do you deliver your business ethics and practices to customers, the organisation and business community? How do you maximise technology adoption and minimise cultural resistance?
- Support: How do you support employees in new environment? How do you track employee collaboration virtually?
- Competitiveness: How do you balance change and consistency?