Page 5 - Risk Management Bulletin January-June 2023

RMAI BULLETIN JANUARY - JUNE 2023

12 TOP

ENTERPRISE RISK

MANAGEMENT

TRENDS IN 2023

E nterprise risk management has taken center are reshaping the risk landscape and influencing busi-

stage as organizations grapple with the lin-
ness continuity planning.
gering effects of the COVID-19 pandemic,

of change. the threat of a recession and the rapid pace 1. Risk maturity frameworks consoli-
date workflows

Executives recognize that stronger ERM programs are More enterprises are considering a risk maturity frame-
required to remain competitive in this new era. One work as a way to manage the growing
aspect of the current risk landscape that companies interconnectedness of vulnerabilities in the risk land-
must contend with is the connectivity of risks. scape, Valente observed. This method mirrors other
frameworks like the capability maturity model widely
Businesses are increasingly more interconnected to used in software development. Risk management ma-
partners, vendors and suppliers across global markets, turity requires addressing processes and technologies.
explained Alla Valente, senior analyst at Forrester Re-
search. On the process side, risk management leaders must
put together a team of risk stakeholders. This team
"We find that when there is significantly more risk in should combine the technical and business expertise
one of those categories it can have a ripple effect that necessary to make fast and intelligent risk-based deci-
impacts other categories," Valente said. The impact, for sions, establish policies and procedures, and imple-
example, of a local natural disaster, the ongoing war ment the proper controls. Risk managers also need to
in the Ukraine or high interest rates can cascade across ensure established processes for consolidating
an entire global supply chain. workflows across disparate agencies.

Here are 12 security and risk management trends that The technology side includes the IT infrastructure for

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