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The 10 Most Important Things A Company Needs In Its Risk Management Plan

Risk management has often focused too narrowly on just the IT department, failing to account for risks associated with business processes in other areas. Here's a look at what every company needs to have in their plan.

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Wrap Governance Standards Around Innovation

Risk practitioners must assert control over business units that are implementing emerging technologies such as bots to ensure that the risk it poses is controlled and doesn't exceed the company's overall risk appetite, according to PwC's Schwartz. New technologies typically end up increasing a company's risk profile since they result in an organization being more connected to the outside world, Schwartz said.

Before a business unit is able to operationally put a new bot in place, Schwartz said they should have to go through an innovation committee to explain how and why they're planning to use it and how they can ensure its accuracy.

And once the bot is implemented, Schwartz said independent evaluators should come in and evaluate how the bot is performing. Alternatively, Schwartz said the company's IT steering committee could examine the bot's behavior and ensure it's consistent with the original stated or intended use.

 
 
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