How Technology is Changing the Face of Risk Management

The Impact of Technology on Risk Management

Being a Compliance Officer is a tough job, and it may soon be a job recorded in the history books with the age of technology rendering it obsolete. There is no doubt that an auditor’s job is only getting more complicated with increasing OH&S regulatory pressures to ensure Risk Management, and the need to stay compliant. If technology makes staying compliant easier and simpler, why not use it? This article shares some insight into the age of big data as well as the automation of business processes and the impact it will have on compliance over the next 5 years.

We’ve all heard the claims that robots will replace our jobs, well, if technology continues going the way it’s going, we’re not too far off that reality. It is predicted that by 2025 half of the jobs now available will be obsolete. Whilst it may seem all doom and gloom for employees, business owners and executives will be rejoicing in the fact that they can cut cost and make their businesses more efficient with sophisticated Risk Management software. Gartner has recently released a report which predicts how data, technology, and the so-called Internet of Things (IoT) will impact business processes and decisions. Their findings show:

  • By 2020, 80% of the business processes and products used in 2010 will be reinvented, digitized, or eliminated through the use of data and information.
  • By 2017, more than 30% of the big data for businesses will be delivered by data brokers rather than internal databases.
  • By 2017, over 20% of products will be connected to the IoT and provide detailed information to customers using sensors.

So what does this all mean? Well for starters, yes, auditors may be out of a job. But it also means that staying compliant and ensuring the health and safety of your employees is easier than ever before. With cloud-based software, you enjoy the benefits of an automated compliance and auditing system. This will provide you with:

  • Centralized audit information
  • Automation of controls testing
  • Effective management of third-party risk assessment based on real-time information
  • Increased confidence in your security compliance position

In a previous article, we already discussed how contractor management software can create more efficient business and supply chain by increasing productivity. To stay ahead of the game, your best option now would be to start looking into contractor and risk management software in order to prepare for organizational shifts in the near future. Technology is changing at lightning speed, and if you don’t stay ahead, you risk being left behind.