The technological landscape has transformed the way businesses operate and manage risk.
Governance and risk management professionals have especially felt the shift to a more technologically-inclined environment.
Technological advancements and computing power available today have allowed businesses to achieve great things. However, human skill and judgement, especially when it comes to the role of governance and risk management, cannot be eliminated from the mix.
Technology and access to information has made it easier to observe and monitor an organization’s continuing risks. The role of risk management professionals has been drastically changed by Big Data analytics, modern computers, on-demand storage, and processing capabilities.
Computerized controls play an increasing role in reducing risk. Management of huge volumes of data is important to accurately measure risk. The need has arisen to assess how these challenges can be overcome with specific Big Data platforms.
Risk management is a qualitative implementation which, if supported properly by the right data and information, can add real significance to businesses and other organizations by improving the decision-making process.