What Does Digital Transformation Mean for Business Continuity and Risk Management?
Technology continues to change the way organisations operate both internal and external, which directly increases the amount of new risks and potential disruptions that can impact the continuity of operations. To fully address and adapt to these changes, organisations are embracing technology to not only better deliver their products and services, but also digitally transform their risk management and business continuity programmes to ensure their organisations remain resilient in the face of ever-emerging threats and risks.
Key pillars of digital transformation:
Visibility: do you have all of the information you need?
Control: are you able to manage your program appropriately?
Compliance: is your program up-to-date with laws and regulations?
Automation: what else can technology be doing for you?
Many organisations' approach is still focused on documents, relying on files and spreadsheets to hold information. For some, it's simply because executives aren't aware of better options, especially when it's the way it has always been. It is normal to hear, "What's wrong with files and word docs?" But, this can be dangerous, especially as those types of files can't always be secured properly. For others, budgeting is a large concern. Software is expensive, yes, but if you compare it to the amount of time and effort saved, it's almost a no brainer. Automation enables many organisation to save up to 75 percent of time, allowing them to reallocate resources for better strategy.
So what does this mean for you? Well, you must first think about where you are at in your programs and prioritize. Business continuity, IT disaster recovery, crisis and incident management, and third-party management must all be taken into consideration, but it all depends on what your business needs.
There will always be risks whether it is is a cyber breach, third-party failure, or loss of assets. All of which can effect your customers. and ultimately, your bottom line. It is important to remember that digital transformation allows you to focus more proactively on the areas of risk, instead of reactively cleaning up the mess constantly.
How Can Fusion Help
The Fusion Framework System provides visibility in one place so you can manage your program from virtually anywhere at any time. It automates tasks and streamlines processes while allowing you to stay audit compliant. All of this allows you to implement an engaging program and focus on higher level strategy. Schedule a demo, and see what the Fusion Framework System can do for you and your program.