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5 Surefire Ways to Control IT Risk Associated with Business Transformation

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Control IT Risk

There are two items to consider when trying to control IT risks associated with digital transformation:

  • The ability to make well-informed decisions related to the transformation plan
  • The practical implementation and execution of that plan downstream

Consider two approaches related to IT risk management: upstream and downstream.
Upstream you need to balance threats, vulnerabilities, risks, and opportunities that impact the transformation process at all levels. To manage this, you use information about your existing application and technology portfolio to identify, analyze, and evaluate the risks of non-transformation (staying in the current state).

Downstream, at implementation level, it’s important to manage the operational and organizational risks directly linked to the execution of the transformation plan. In fact, during the transformation, stakeholders will be faced with numerous project risks. These could be related to outdated technology, the project team’s lack of skills, regulatory risks, legal risks and more. To deal with all risks and the changes inherent with transformation (learning new technologies, following new processes, complying with new regulations, etc.), an easy-to-follow methodology that incentivizes stakeholders to contribute and leverage risk data is crucial.

Here are 5 surefire ways to make sure that IT risks are controlled during business transformation:

1. Identify risks and build a risk library for clear visibility into impacts of change
2. Assess risk likelihood and impacts to understand risk exposure
3. Set controls and create action plans to improve risks mitigation
4. Share and communicate risk information to reduce uncertainty
5. Perform reviews and assessments to get (and keep) risks under control

 To read more about each of these steps, check out our eBook “Manage IT & Enterprise Risks while transforming your business.

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There are two items to consider when trying to control IT risks associated with digital transformation:

  • The ability to make well-informed decisions related to the transformation plan
  • The practical implementation and execution of that plan downstream

Consider two approaches related to IT risk management: upstream and downstream.
Upstream you need to balance threats, vulnerabilities, risks, and opportunities that impact the transformation process at all levels. To manage this, you use information about your existing application and technology portfolio to identify, analyze, and evaluate the risks of non-transformation (staying in the current state).

Downstream, at implementation level, it’s important to manage the operational and organizational risks directly linked to the execution of the transformation plan. In fact, during the transformation, stakeholders will be faced with numerous project risks. These could be related to outdated technology, the project team’s lack of skills, regulatory risks, legal risks and more. To deal with all risks and the changes inherent with transformation (learning new technologies, following new processes, complying with new regulations, etc.), an easy-to-follow methodology that incentivizes stakeholders to contribute and leverage risk data is crucial.

Here are 5 surefire ways to make sure that IT risks are controlled during business transformation:

1. Identify risks and build a risk library for clear visibility into impacts of change
2. Assess risk likelihood and impacts to understand risk exposure
3. Set controls and create action plans to improve risks mitigation
4. Share and communicate risk information to reduce uncertainty
5. Perform reviews and assessments to get (and keep) risks under control

 To read more about each of these steps, check out our eBook “Manage IT & Enterprise Risks while transforming your business.