Digital Risk
Turn Digital Risk to Digital Advantage
Are we fit for the digital age? How can we build confidence in ‘being digital’? To thrive in this new digital eco-system, you and your leaders need to be digitally fluent, confident to adapt to new and familiar digital risks. You need to be digital first. This is how you can turn Digital Risk to Digital Advantage.
Is your digital risk approach fit for the digital age?
Experiences and engagement
In our digital world news, good or bad, travels further and faster.
You need transform how you engage with your stakeholders - partners, customers, employees, and regulators – in support of digital transformation, to ensure you are delivering positive outcomes for all.
Questions to ask yourself
Ambitions and aspirations
To realise your strategic ambitions you need to be confident to make the right decisions and quickly.
The ability to articulate and quantify opportunities and threats in a digital world is challenging. Market forces fluctuate at pace and require an agile and connected approach.
Questions to ask yourself
Changing external environment
You need to meet customer demands. Keep the regulators happy. And stay ahead of the competition.
But the risks associated with digital transformation are leading to increased scrutiny that is often out of sync with the progression of innovation – making it difficult for you to align these priorities.
Questions to ask yourself
Culture and leadership
In the digital era, success belongs to organisations that not only understand digital but also live and breathe it.
Your leaders need to be digitally fluent, and quick to adapt to new and familiar digital risks. They need to navigate digital evolution with confidence.
You need to inspire the right organisational mind-set to enable new ways of working and a culture that embraces digital to the core.
Questions to ask yourself
Branding
A brand can be resilient for decades, but destroyed in minutes.
Your digital evolution, your brand and reputation have never been more important, as you use it to expand or recast your strategic ambitions.
Questions to ask yourself
Organisation and workforce
Your digital success rests on building a workforce that is fit for the future.
Across your organisation you need to ingrain digital fluency, without compromising on security. You need a workforce that is agile, able to keep pace with the speed of digital change.
Your risk and controls teams have a new role to play in this digital world. They must be at the heart of the digital transformation agenda, equipped and empowered to drive organisational value.
Questions to ask yourself
Enterprise operations
Investment in back-end enterprise operations, processes, and new technologies is essential to realise your strategic goals.
But, your risk management must keep pace with a more dynamic and automated operation, and more often than not, this is an after-thought.
Questions to ask yourself
Platform, data and infrastructure
The systems, technology and data that digitally represent your prospects, customers, partners, and suppliers is changing rapidly.
But as you digitally evolve your legacy infrastructure can hold you back.
Questions to ask yourself
New digital ecosystems, business and service models
New business and service models use partners and suppliers in different ways.
Rapid mobilisation can blur lines of visibility across the different parts of your business, creating a new digital eco-system and an increasingly complex threat landscape.
Questions to ask yourself
Where to focus first
Regulation and culture in the digital world
Controlling disruptive technologies
Digitisation of risk, compliance and control management
Safe and ethical implementation of AI and Machine Learning
Digital transformation with confidence
Our Digital Risk insight
Edge computing: Purpose to potential
Edge computing, cloud, and AI combined have the power to change the way how people interact with data and technology.
Explaining explainable AI
In this article we will walk you through key explainability concepts and the need to explain how models work before they are considered for deployment.
Technology shifts happen: Are you confident to manage yours?
Shifts happen. We live in a subscription economy, where many of us now pay for services instead of buying a product. We watch films and music without ever buying a DVD or CD. We pay for travel using our watches. Crypto-currency is thriving.
A new era of digital compliance and controls
COVID-19 and government-imposed lockdowns have tested the resilience of companies across every industry. While for some people this is an extension of previous working from home practices, many workers have been impacted by their employer's need to remotely monitor for compliance with important laws and regulations.
Digital dependence: How to balance speed with control?
Many organisations have become digital businesses overnight with significantly more reliance on digital technology, digital ways of working and new digital distribution channels.
Managing the digital risks of a remote workforce
With remote working now necessitated by the COVID-19 pandemic, organisations (including us) are rapidly adopting or extending their processes, and in turn their controls to mitigate digital risks, and ensure remote working of employees is safe and secure.
Episode 16: What are regulators doing about Cloud computing?
How are financial firms and their regulators getting to grips with the rise of Cloud computing? Regulators have recognised the efficiency gains that using the Cloud can bring to firms, but they equally want to ensure that risks arising from this are well managed.
Thriving in the age of accelerated digital transformation
The global spread of COVID-19 has had an unprecedented impact on our daily lives, shifting the way we work, shop and socialise with each other.
Decoding the future
IT Risk Management. Disrupted
As technology transforms banking and insurance, shifting the risk landscape, organisations will need to develop an entirely new approach to IT risk management.
AI risk – avoiding the pitfalls around open source licensing
Recognising the propensity of open source software usage for the development of AI solutions, we consider the risks organisations and individuals may unknowingly expose themselves to.
AI and risk management - innovating with confidence
Financial services (FS) firms are increasingly using Artificial Intelligence (AI) to drive operating and cost efficiencies. Overall, however, adoption of AI in FS is still in its early stages.
The Retail Customer Digital Journey - navigating the regulatory hotspots
Explore the nuanced regulatory and technological “hotspots” brought about by the shift to digital in financial services.
Financial services on the Cloud: the regulatory approach
What are the regulatory expectations around Cloud outsourcing arrangements?
Regulatory barriers to the Cloud in financial services: perceived or real?
Breaking down the key components of regulatory focus
Building digital trust: Technology can lead the way
Business leaders can put technologies at work to build the four pillars of digital trust
Beyond the hype Global Digital Risk Survey 2019
Global perspectives on the opportunities and challenges that disruptive technologies bring to governance models and risk management approaches.
How do we leverage the new opportunities of AI for greater financial inclusion?
Using AI to assess risk has the potential to increase access to affordable credit and insurance, but it could also exacerbate existing societal inequalities
Data strategy - your digital banking data North Star
We look at the five key ingredients to developing a successful data strategy for a digital bank.
Data architecture - the core of your digital banking platform
The key considerations when building and launching a digital bank. What does a good digital data architecture look like?
Accelerating digital transformation in banking - findings from the global consumer survey on digital banking
Consumers around the globe expect their banks to act and interact more like top technology brands. Our latest global consumer survey on digital banking reveals where the gaps are—and what banks can do to meet heightened expectations.
Third party governance and risk management- extended enterprise risk management survey 2019
There is renewed focus on maturing EERM practices within most organisations, driven by a recognition of underinvestment in EERM coupled with mistrust of the wider uncertain economic environment.
“The pace of change and continuous evolution of digital technology, products and services means organisations are never ‘done’ with managing digital risks. We tackle digital risk with an ‘outside-in’ approach, starting with what ‘Being Digital’ means to a business, in doing so identify the blind spots or digital risk exposure they face.”
“The pace of change and continuous evolution of digital technology, products and services means organisations are never ‘done’ with managing digital risks. We tackle digital risk with an ‘outside-in’ approach, starting with what ‘Being Digital’ means to a business, in doing so identify the blind spots or digital risk exposure they face.”
“Thriving in a digital world requires a new understanding of digital risk and exposure. This is easy to say. But in reality many businesses are finding it harder to achieve… And getting it wrong can quickly create a social media storm and front page news.”
“Thriving in a digital world requires a new understanding of digital risk and exposure. This is easy to say. But in reality many businesses are finding it harder to achieve… And getting it wrong can quickly create a social media storm and front page news.”