Adopting new technology has risks. Not adopting new technology has risks. How are you balancing them? Leading governance professionals around the world are grappling with how to balance these questions.
New perspectives are revealed inside a new LexisNexis whitepaper, ‘How technology is rewriting the risk management landscape, and how to govern the new opportunities and risks presented’.
During 2021, Greg Dickason, LexisNexis’ Managing Director, LexisNexis Pacific hosted two forward-looking events.
- Risk Management and Technology Roundtable hosted by LexisNexis® and the Governance Institute.
- 2021 Governance Institute Conference session, covering ‘the intersection of technology, risk management, operations and governance’.
This new whitepaper contains a summary of insights from industry leaders and governance professionals on how technology is rewriting the risk management landscape, and how the new opportunities and risks presented should be governed.
Introduction
It’s an all-too-familiar sentiment in 2021, but there’s no denying that technology is redefining the world as we know it. For businesses, the ongoing ability to adapt, innovate, and stay ahead of (or right alongside) the pace of change, is an increasingly tech-bound discipline.
Within this context, we’re seeing business leaders turning more and more to digital technology to refine their operational approach, systematic processes and management policies.
Tech adoption will continue to rise and evolve in Australia, but within such a fast-paced and dynamic sphere it can be difficult to pinpoint exactly what will define our digital future. And while the continually burgeoning, interdependent relationship between business and technology continues to present new opportunities, it’s important to remain cognisant of the potential risks involved with new technologies or the introduction of new practices into an organisation.
For the governance industry, the importance of this approach cannot be overstated. Risk professionals are intricately involved in the introduction of new initiatives and evaluation of current practices.
This in-depth association with, and assessment of, technology means risk professionals must understand the capabilities of all solutions they engage with in order to adequately gauge risk, and benefit.
Conversely, these considerations also extend to the absence of technology in an organisation, and the threats this may present. To ensure effective risk mitigation, this assessment must be undertaken irrespectively of the likelihood of these scenarios eventuating.
While the business changes driven by the COVID-19 pandemic have presented significant obstacles for Australian organisations over recent years, it’s not the first time leaders have faced challenges. In fact, disruption is the norm in the world of business.
The line between ‘legacy’ and ‘digital native’ businesses is now blurred and will soon be indistinguishable. This everchanging landscape means all organisations are now on the path to digital transformation and are continually looking for new technologies to innovate their work, tackle issues and safeguard their operation.
However, the introduction of new tech innovations can be a double-edged sword as it also increases the number of potential risks to consider. One of the central concerns—unsurprisingly—is a greater threat to organisational cyber security.
Read on for more insights. Download the whitepaper HERE.
About LexisNexis
LexisNexis is part of RELX Group, a world-leading provider of information and analytics for professional and business customers across industries. LexisNexis helps customers to achieve their goals in more than 175 countries, across six continents, with over 10,000 employees.
LexisNexis provides a range of solutions that can support governance professionals with understanding their Australian based legal and compliance requirements, so they can keep on top of regulatory changes.
Practical Guidance
LexisNexis Practical Guidance is an online solution offering the flexible content that Inhouse Counsel need to conduct a new matter. Guidance, practice tips, legislation, cases, checklists, tools, forms and precedents are all in one place and in the context of an Inhouse Counsel’s workflow. With 24 modules and counting, Practical Guidance is Australia’s most extensive selection of practical legal content.
Regulatory Compliance
LexisNexis Regulatory Compliance is a legal obligations register and alerting solution that combines regulatory content with technology to empower you to take control of your compliance obligations.
Designed with Governance, Risk and Compliance Managers in mind, our content is updated daily, so you will always access obligations which reflect the current legislative framework—saving you significant costs and / or research time.