Every year, the dss+ Operational Risk Management Survey focuses in on the megatrends and challenges that dominate boardroom agendas. The dss+ Survey coincides with an increase in the number of major events that are making their impact felt worldwide.
Findings from the dss+ survey reveal:
- Executives are prioritizing immediate crisis management response and fail to prepare for long-term recovery
- Executives neglect to consider the critical role people play in digital transformation
Global economies are grappling with the effects of climate change and are simultaneously being forced into a game of catch up by unforeseen threats, not least the coronavirus, cyberattacks and terrorism. While many organizations are aware of the risks, the results of the most recent survey by dss+ of operational risk management practices by executives of major companies across the world suggest that the majority are more focused on immediate crisis management and fail to prepare their organization adequately for long term business recovery. We are witnessing this currently with the focus on response to the coronavirus. Little mention is made of businesses who are not only protecting their employees, but are also able to continue operations smoothly. How many organizations actually have plans in place that will enable them to rebound with any speed or certainty?
Another issue that is currently causing concern is Industry 4.0, which is pushing organizations to adopt digitalization and to do so quickly if they don’t want to get left behind. Despite a high adoption rate of digital technology and data by industry to mitigate risk, the end of year 2019 dss+ Operational Risk Management Survey found that almost half the executives surveyed neglect to consider the critical role people play in the digital transformation process. As such, this failure to engage employees may be the underlying cause why so many digitalization efforts fail.
For more details on the specific findings, download the full report.
For more information on the principles of a holistic business continuity management plan and digital transformation in the field of operational risks, contact Nicholas Bahr, Director, Operational Risk Management at firstname.lastname@example.org or Alfonsius Ariawan, Solutions Architect, Operational Risk Management at Alfonsius.email@example.com.