When asked “Why do you put brakes on your car?”, most people would say, “Well, you have to be able to stop.” The real answer is no. This article draws out the interrelation between the brakes on your car and how risk management benefits your project or organization.
“It’s so you can have the car go faster and still be in control,” Joseph Pizzuto. “Brakes allow you to go at increasing speed without sacrificing control. We view it the same as risk appetite. We can take big swings at things by having the right controls, to go fast without losing control.”
In today’s everchanging world of business and project management, digital transformation has been injected into their organizational DNA. With such great alteration, risk management should be taken into serious account by project managers and organizations as well. However, according to a survey conducted by PwC on 2,00 global executives and risk management experts, only half of medium0size and large organizations stated that they included full risk management of both cyber and privacy concerns from the beginning of their digital transformation.
The survey also addressed the benefits realization linked to the prioritized role of risk management between dynamics, which were organizations in the top quartile of the survey that assessed the digital fitness of risk, and beginners, which were in the bottom quartile.
PwC reports that the better an organization can tie risk functions to a digital transformation, the better the digital initiative will perform. Here are six risk management habits from high-performing organizations:
- Go all-in on the organization’s digital plan
- Upskill and inject new talent to move at the speed of the organization
- Find the right fit for emerging technologies
- Enable the organization to act on risks in real time
- Actively engage decision-makers of key digital initiatives
- Collaborate and align to provide a consolidated view of risks
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