From the rise of digital transformation to the impact of AI, delve into the modern landscape of risk and learn how to fortify your organisation’s resilience.
Organisations have become increasingly aware of the challenges related to managing risk in a post-pandemic world. While a primary concern has been to securely manage remote workforces, a great deal has happened to exacerbate the risk landscape, leaving many organisations struggling to keep ahead of disruptions.
According to recent research conducted by Economist Impact and sponsored by Iron Mountain, 90% of business executives have placed a heightened emphasis on risk identification over the last three years. This newfound focus is not without reason. Today, as organisations grapple with the complexities of rapid technological change, understanding risk is no longer a mere priority, but a necessity. Thus 77% of executives agree risk management should encompass every facet of the organisation. However, 57% admit there is a growing need to improve cross-functional collaboration in this area – only then can they embed resilience into their organisational DNA.
From paper to pixels and AI: navigating new frontiers in risk management
Faced with the unstoppable march of digital innovation, the rapid proliferation of huge volumes of data, and the shift to hybrid work, the records and information management domain has found itself at the forefront of this evolution.The concept of risk management is nothing new, but recent years have ushered in new levels of complexity that have reshaped its very fabric.
Risk management, once a siloed function, now demands an integrated approach. No longer is it the responsibility of a select few, but of the entire enterprise and its every component part, including vendors and partners. Major global trends and events, including changing economic circumstances, rising geopolitical tensions, and climate-related crises further underscore the need for newer and more sophisticated methods to identify and mitigate risk.
Today, as organisations use less and less paper, yet produce ever more digital records,they rely on increasingly complex technologies. As a result, the importance of resilient records and information management has grown exponentially. This uncertain new world introduces both challenges and opportunities. On one hand, there’s the growing risk of cyberattacks, data breaches, and compliance failures. On the other, there is the promise of turning big data into valuable insights that drive business growth and potentially predict new risks.
“In the hybrid era, the lines between data protection, data and information management, and destruction have blurred. As businesses navigate the transition from physical to digital, it’s imperative that organisations prioritise information management. Only then can we truly harness the power of our data and ensure its security and compliance.”
– Iwona Sikora, Senior Vice President & GM, Records Management EMEA, Iron Mountain
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Technological advancement, while delivering powerful tools to anticipate and mitigate risks, also introduces new vulnerabilities. The rise of cognitive technologies like generative artificial intelligence and predictive analytics is testament to this duality. While AI helps decision makers gain insight from massive data sets, malicious actors can use the very same technologies to expose organisations to new vulnerabilities.
From silos to synergy: building a resilient risk management strategy
Risk is omnipresent in any organisation. From technological advancement to environmental factors and workforce dynamics, the sources of risk are multifaceted and ever-changing. While many executives recognise these sources, a siloed approach to risk management often still prevails, leaving serious gaps in an organisation’s defence mechanisms.
A resilient organisation transcends the traditional boundaries of risk management. It’s not just about having a dedicated department and a risk officer, but about fostering an interdisciplinary and interconnected approach. After all, every knowledge worker in an organisation, regardless of which department they work in, generates records and information. However, a fragmented approach can leave certain departments more exposed than others, thus creating more single points of failure. Furthermore, such a scenario inevitably leads to a lack of accountability and a culture of blame.
The solution is cross-functional collaboration, the linchpin of effective risk management. When decision makers promote the sharing of universal protocols, standards, and key information across teams, functions, and even external partners, they can gain a more holistic view of the risks facing them. Moreover, they can develop a coordinated response strategy.
“Drawing parallels from my military background, resilience is built on preparation, teamwork, and adaptability. Similarly, in the business realm, embedding resilience in records and information management requires a unified front, where every member is equipped and empowered to act as a risk manager. It’s about fostering a culture of vigilance, collaboration, and continuous learning.”
– Raymond Fox, Executive Vice President and Chief Risk Officer, Iron Mountain
A risk-aware organisation not only has the means to identify and manage risk, but also a way to measure the performance of their practices and iteratively improve based on those insights. By adopting a consistent method to track and measure risk management performance, they can articulate their return on investment and share progress with stakeholders. That way, each part of the organisation stays invested in and committed to ongoing risk management initiatives, and everyone is aware of their responsibilities.
How can Iron Mountain Help?
For over 75 years, Iron Mountain has been a stalwart guardian and strategic partner in caring for its customers’ most valued assets and information. Through the decades, we’ve helped businesses navigate the evolving landscape of risk and resilience. To learn more about how Iron Mountain can support your organisation, visit our website or engage us in conversation. Embark on a journey towards a risk-aware future.