Businesses are expected to balance achieving innovation through initiatives that transform the organization with effective risk management. While this is nothing new, added challenges arise due to:
- An increasingly large vendor ecosystem within which to manage risk.
- A fragmented approach to risk management that separates cyber and IT risk from enterprise risk.
- A rapidly growing number of threat actors and a larger attack surface.
Our Advice
Critical Insight
- All risks are digital risks.
- Manage digital risk with a collaborative approach that supports digital transformation, ensures digital resilience, and distributes responsibility for digital risk management across the organization.
Impact and Result
Address digital risk to build digital resilience. In the process, you will drive transformation and maintain digital trust among your employees, end users, and consumers by:
- Defining digital risk, including primary risk categories and prevalent risk factors.
- Leveraging industry examples to help identify external risk considerations.
- Building a digital risk profile, addressing core risk categories, and creating a correlating plan for digital risk management.
Achieve Digital Resilience by Managing Digital Risk Research & Tools
Start here – read the Executive Brief
Risk does not exist in isolation and must extend beyond your cyber and IT teams. Read our concise Executive Brief to find out how to manage digital risk to help drive digital transformation and build your organization's digital resilience.Besides the small introduction, subscribers and consulting clients within this management domain have access to:
1. Redefine digital risk and resilience
Discover an overview of what digital risk is, learn how to assess risk factors for the five primary categories of digital risk, see several industry-specific scenarios, and explore how to plan for and mitigate identified risks.
- Achieve Digital Resilience by Managing Digital Risk – Phases 1-2
- Digital Risk Management Charter
2. Build your digital risk profile
Begin building the digital risk profile for your organization, identify where your key areas of risk exposure exist, and assign ownership and accountability among the organization’s business units.
- Digital Risk Profile Tool
- Digital Risk Management Executive Report
Workshop: Achieve Digital Resilience by Managing Digital Risk
Workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn't enough, we offer low-cost delivery of our project workshops. We take you through every phase of your project and ensure that you have a roadmap in place to complete your project successfully.
1 Scope and Define Digital Risk
The Purpose
Develop an understanding and standard definition of what digital risk is, who it impacts, and its relevance to the organization.
Key Benefits Achieved
Understand what digital risk means and how it differs from traditional enterprise or cybersecurity risk.
Develop a definition of digital risk that recognizes the unique external and internal considerations of your organization.
Activities
1.1 Review the business context
1.2 Review the current roles of enterprise, IT, and cyber risk management within the organization
1.3 Define digital transformation and list transformation initiatives
1.4 Define digital risk in the context of the organization
1.5 Define digital resilience in the context of the organization
Outputs
Digital risk drivers
Applicable definition of digital risk
Applicable definition of digital resilience
2 Make the Case for Digital Risk Management
The Purpose
Understand the roles digital risk management and your digital risk profile have in helping your organization achieve safe, transformative growth.
Key Benefits Achieved
An overview and understanding of digital risk categories and subsequent individual digital risk factors for the organization
Industry considerations that highlight the importance of managing digital risk
A structured approach to managing the categories of digital risk
Activities
2.1 Review and discuss industry case studies and industry examples of digital transformation and digital risk
2.2 Revise the organization's list of digital transformation initiatives (past, current, and future)
2.3 Begin to build your organization's Digital Risk Management Charter (with inputs from Module 1)
2.4 Revise, customize, and complete a Digital Risk Management Charter for the organization
Outputs
Digital Risk Management Charter
Industry-specific digital risks, factors, considerations, and scenarios
The organization's digital risks mapped to its digital transformation initiatives
3 Build Your Digital Risk Profile
The Purpose
Develop an initial digital risk profile that identifies the organization’s core areas of focus in managing digital risk.
Key Benefits Achieved
A unique digital risk profile for the organization
Digital risk management initiatives that are mapped against the organization's current strategic initiatives and aligned to meet your digital resilience objectives and benchmarks
Activities
3.1 Review category control questions within the Digital Risk Profile Tool
3.2 Complete all sections (tabs) within the Digital Risk Profile Tool
3.3 Assess the results of your Digital Risk Profile Tool
3.4 Discuss and assign initial weightings for ownership of digital risk among the organization's stakeholders
Outputs
Completion of all category tabs within the Digital Risk Profile Tool
Initial stakeholder ownership assignments of digital risk categories
4 Manage Your Digital Risk
The Purpose
Refine the digital risk management plan for the organization.
Key Benefits Achieved
A targeted, organization-specific approach to managing digital risk as a part of the organization's projects and initiatives on an ongoing basis
An executive presentation that outlines digital risk management for your senior leadership team
Activities
4.1 Conduct brief information sessions with the relevant digital risk stakeholders identified in Module 3.
4.2 Review and revise the organization's Digital Risk Profile as necessary, including adjusting weightings for the digital risk categories
4.3 Begin to build an actionable digital risk management plan
4.4 Present your findings to the organization's relevant risk leaders and executive team
Outputs
A finalized and assessed Digital Risk Profile Tool
Stakeholder ownership for digital risk management
A draft Digital Risk Management plan and Digital Risk Management Executive Report