New Blueprint for Proactive Risk Management in the Age of Generative AI Released by Info-Tech Research Group
Info-Tech Research Group's recently published resource emphasizes the necessity for organizations to adopt an integrated and proactive risk management approach to address the challenges posed by rapidly advancing technologies like generative AI. The global research and advisory firm explains in the new blueprint that by leveraging Exponential IT frameworks, IT leaders can transform their risk capabilities, enhance value creation, and ensure organizational resilience. The research-backed guide also outlines critical steps for defining vision, identifying initiatives, and developing a roadmap to effectively manage both current and unforeseen technology-related risks.
TORONTO, Aug. 7, 2024 /PRNewswire/ - As technology continues to exponentially advance, organizations are encountering unprecedented challenges in managing risks, especially with the emergence of technologies like generative AI. However, in this emerging era, traditionally siloed risk management approaches are proving to be insufficient in handling dynamic and unforeseeable risks. In response, Info-Tech Research Group has published its latest research insights and advisory for IT leaders, titled Establish a Roadmap for Integrated and Dynamic Risk Management. This step-by-step blueprint is designed to assist IT leaders and their organizations in developing a dynamic, interconnected, and proactive approach to risk management.
"Traditional risk management systems and capabilities, which rely on siloed, manual risk processes and uncoordinated responses with insufficiently defined risk accountability and risk data, are not good enough to take on emerging technology risks," says Anubhav Sharma, research director at Info-Tech Research Group. "Since risk from emerging technologies will be nonlinear and harder to predict, risk management will need to be adaptable and nimble enough to address the unknown."
According to Info-Tech's research insights, current risk talent management often lacks the technological expertise needed to comprehend emergent technology risks. This gap primarily arises from the fragmented and insufficient quality of risk data within organizations. As speed becomes a critical factor for success in today's landscape, there is an urgent demand for the rapid enhancement of risk capabilities. The firm advises that this swift upgrade is essential to empower IT leaders within organizations to promptly address both identified and unforeseen risks to ensure proactive risk mitigation and resilience in the face of evolving technological challenges.
"IT leaders, along with their enterprise risk counterparts, must make the shift to a dynamic, interconnected, and proactive approach to risk management," explains Sharma. "This shift includes integrating IT risk with enterprise risk practices and elevating risk management's status to that of a strategic enabler to help the organization stay competitive and resilient in the face of new risks."
The firm further suggests in the blueprint that organizations should adopt the Exponential IT framework, which includes modern technologies to guide IT leaders across all domains in transforming their organization and enhancing their value-creation capabilities. This framework bridges the gap between the exponential progression of technological change and the linear advancement of IT's ability to effectively manage such changes.
In its latest resource, Info-Tech highlights three crucial steps for IT leaders to effectively address emerging technology-related risks for their organizations:
- Define Vision: Gain a deep understanding of the organizational risk context and desired outcomes to establish success criteria. This step involves conducting comprehensive risk assessments across all departments, collaborating with stakeholders to align risk management goals with business objectives, and leveraging data analytics to identify potential risk factors proactively.
- Identify Initiatives: Assess the current and desired states of risk capabilities, explore recommendations, and develop actionable initiatives. This effort includes implementing training programs to enhance employees' risk awareness, establishing clear communication channels for reporting risks in real time, and integrating risk management tools to streamline risk assessment processes effectively.
- Develop a Roadmap: Create a roadmap outlining initiatives that enhance the risk management system. By continuously refining the risk management roadmap, organizations can stay agile and responsive to emerging threats while maximizing opportunities for growth and innovation.
As organizations navigate an increasingly complex technological landscape, Info-Tech's blueprint for integrated and dynamic risk management provides a crucial guide for upgrading risk capabilities. By leveraging advanced strategies and cutting-edge technologies, businesses can address current risks and anticipate future threats. This proactive approach ensures that IT leaders are well equipped to foster resilience and drive sustainable growth in an ever-evolving market.
Info-Tech LIVE 2024
Registration is now open for Info-Tech Research Group's annual IT conference, Info-Tech LIVE 2024, taking place September 17 to 19, 2024, at the iconic Bellagio in Las Vegas. This premier event offers journalists, podcasters, and media influencers access to exclusive content, the latest IT research and trends, and the opportunity to interview industry experts, analysts, and speakers. To apply for media passes to attend the event or gain access to research and expert insights on trending topics, please contact [email protected].
About Info-Tech Research Group
Info-Tech Research Group is one of the world's leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
To learn more about Info-Tech's divisions, visit McLean & Company for HR research and advisory services and SoftwareReviews for software buying insights.
Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm's Media Insiders program. To gain access, contact [email protected].
For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.
SOURCE Info-Tech Research Group
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