According to a study by MIT[1], companies who embrace digital technologies are not only able to find the edge that is required to stay ahead in today’s competitive market but are also likely to be 26% more profitable compared to their peers.
However, research suggests that one of the biggest challenges that risk managers face is being able to extract and gain access to reliable data sources in their organisations, to support risk analysis and help them make more informed decisions. This is not only a challenging exercise, but a very time-consuming process. That said, once those data sources are secured today’s advanced technologies and tools at our disposal, such as predictive risk analytics, machine learning, and artificial intelligence, help us efficiently build and mine large and complex data sets.
In Enterprise Risk’s latest magazine, IRM’s Innovation Special Interest Group Co-Chair, Dr Sarah Gordon highlights how companies can embrace and leverage new technologies that can help us streamline our processes and improve efficiency across our day-to-day workflows which in turn can set us up to better manage our risks and make more informed decisions.
We welcome you to view and download the full article, here, on page 34.
If you would like to join the discussion on how technological innovation is revolutionising risk management, IRM’s Innovation SIG will be running an open online discussion forum on September 29, 2021. Led by a number of inspirational speakers, the purpose of the forum will be to acknowledge opportunities and threats posed to risk management by digital innovation, and what that means for all of us. Feel free to get in touch with us for further details. It would be great to see you there: contact@satarla.com
[1] https://ide.mit.edu/sites/default/files/The_Digital_Advantage__How_Digital_Leaders_Outperform_their_Peers_in_Every_Industry.pdf