Innovative Risks And Digital Business Frameworks

A couple of weeks back, as I was looking out of the window , I saw the usual panorama of tall and architecturally Innovative buildings, digitally equipped cabs, the Financial news flashing on the big screen, and of course the People passing by with all their latest gadgets. This has been the usual view through many years yet that day it made me stop and think. I realized that as far as my eyes could see, the only view was of Digitized and Innovative gadgets everywhere. So,Innovation is not anything new that we are discussing today but it is interwoven in our routine so much that we fail to notice/recognize/leverage it’s potential. And that is exactly what we are going to do with this blog today. We will Understand, Recognize and Leverage the potential of Innovation in our Business Processes, Risk Management in particular. So, Innovation is the new norm. Leveraging Innovation in our Risk Management Strategies is Vital for all Businesses. Survival, Success & Satisfaction is the key.

But, how do we achieve this ? Should you take a Risk ? Harness Creativity, Be Innovative and Maximize Agility ? Time for Rethinking  Your Risk Management “Brand” ?

Firstly ask yourself this : What’s common about Risk and Cyber Security ? It’s People. It’s always people who Develop, Test and Implement. Challenge yourself to think differently and Awaken skills you didn’t realize you have. You need to revisit your Risk Universe. Most Companies struggle with this. If you ask “What are top 5 Risks?” , do you know ? does the Board know ? Many Organizations focus on backend Compliance, but fall back in being Pro-active. Revisiting Risk Profiling and Frameworks is absolutely essential to keep up with the dynamically changing Business activities.

So, How to Implement Creative Risk Management ? The answer is easy. The way Creativity is connected with creating Music, Risk Management is connected with Business. Organizations need to leverage the fact that you can do Risk Management from any device at any time. You also need to gain insights on what can you build or buy off the shelf that can help you come up with a better way to manage Risk. It’s high time Organizations have objective Business driven conversations about Risk rather than having one-sided Compliance driven conversations.

So what is the Future in Risk Management Strategies ? The new generation is flexible and much more inclined to use new platforms  (Mobile, Cloud, Social) and Organizations need to tap-in this Talent. At the same time Organizations should also focus on educating the existing staff and give them the freedom to Innovate. Gain useful insights on the Risk Management Strategies, learn in detail about Creative Risk Management and understand the potential of Innovative Risk Management through this Webcast http://www.isaca.org/Education/Online-Learning/Pages/webinar-innovative-risk-digital-business-frameworks.aspx

On a concluding note, I would like to say that all of us gain Knowledge, but only the Wise profit from it !!

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