Dm STRATEGY: RISK MANAGEMENT "RISK HAS ALWAYS BEEN PRESENT, BUT THIS RESEARCH CONFIRMS THAT RISK MANAGEMENT MUST EVOLVE FROM A SILOED FUNCTION TO AN INTEGRATED AND ACTIVE PART OF AN ORGANISATION'S CULTURE. RISK AWARENESS AND MANAGEMENT ARE THE RESPONSIBILITY OF AN ENTIRE ENTERPRISE, INCLUDING ITS VENDORS AND PARTNERS. GOING BEYOND THE SINGULAR ROLE OF RISK MANAGER OR RISK OFFICER, RISK MANAGEMENT IS AN EFFORT THAT REQUIRES AN INTERDISCIPLINARY, INTERCONNECTED APPROACH THAT CREATES A RIGOROUS FRAMEWORK FOR ANTICIPATING AND MITIGATING RISK." decision-making but to the pursuit of practical applications of risk management across the organisation. Risk literacy has a tremendous impact on an organisation's ability to execute crossfunctional collaboration. By adopting the language of risk management, risk-aware leaders create a culture that promotes the proactive identification and assessment of risks. Being "risk literate" empowers employees to understand, evaluate, and respond to risks in their respective roles. These employees can effectively communicate potential threats and vulnerabilities to other parts of the organisation, fostering timely decisionmaking and effective management. A risk-aware organisation measures risk and the success of its risk management practices. The majority of executives believe their risk management efforts are performing better than they perhaps actually are. Nearly 70% feel that they're somewhat or significantly ahead of their peers in risk management, but they don't have a consistent way to track or measure their efforts. This makes it difficult to articulate the ROI of risk management initiatives or share progress with stakeholders. Promoting measurable risk management helps all areas of an organisation stay invested and committed to ongoing efforts. BUILD RISK AWARENESS FROM THE INSIDE & OUT At Iron Mountain, we've been in the business of risk management for over 70 years. In that time, we've taken steps to put risk anticipation, identification, and mitigation to work at every level of our organisation. Backed by research and decades of industry leadership, four essential areas of focus have emerged for anticipating risk and amplifying the role of risk management - not just in our organisation but in others as well. 1. Digital transformation: New technology can both compound risk as well as provide tools to anticipate it. Even now, 43% of executives report using cognitive technologies and artificial intelligence (AI) in risk management identification. As new ways of working continue to create massive amounts of data, require increasingly complex technologies, and demand hybrid work environments, more than half of executives plan to invest more over the next three years in risk management practices that more directly align with their dependence on digital. 2. Data and IT security: As digital transformation continues to improve the way we work, it also brings greater potential for cyber security breaches and the loss or misuse of data. To protect their reputations, organisations must focus their attention on governance, security, and data privacy, staying compliant with strict regulations. 3. Workplace evolution: The global pandemic has shifted how companies approach workplaces forever. Even the most traditional organisations have accepted hybrid work scenarios in an effort to attract and retain talent. In line with this reality, 96% of executives report that their company has developed new workforce management policies and procedures, including hybrid work. 4. Sustainability: As more organisations pledge to take measures to reduce carbon output, just under half of survey respondents say they have dedicated more resources to environmental, social, and governance (ESG) initiatives and transparent reporting to stakeholders, including authorities. Reputations are at risk if executives cannot fulfil their commitments, and 80% of leaders agree this is a potentially significant vulnerability. MEASURING RISK - WHAT'S YOUR TEMPERATURE? Interested in further exploring the results from this global research and amplifying risk in your own organisation? Join Economist Impact's John Ferguson, Practice Lead for Globalisation, Trade, and Finance, and myself for an in-depth virtual forum Measuring risk - what's your temperature? Topics include: Executives' shifting views of risk Workplace evolution of risk Changes in cybersecurity and data governance Sustainability and reputational risk Risk and the impact on operational efficiency You can sign up to watch the webinar on demand by clicking here. Anyone interested in further exploring the results from this global research and amplifying risk in their own organisation can find more expert recommendations and insights at Iron Mountain's risk and resilience resource centre at the address below. More info: www.ironmountain.com 28 @<strong>DM</strong>MagAndAwards <strong>Sep</strong>tember/<strong>Oct</strong>ober <strong>2023</strong> www.document-manager.com
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