Are you getting the right insights?
The world is changing and technology will reshape our lives over the coming years, whether digitalisation, advanced data analytics, cloud or robotics, change will touch many aspects of life and business.
The benefits of transformation are becoming increasingly obvious. We believe Boards and Senior Management will need to respond to this change in a multitude of ways, with one vector being the quality of the Technology Risk and Assurance insight and capabilities available to them. At BDO we continue to innovate and invest, so that our clients have access to the latest advice and assurance over the key risks areas. In response to the challenges faced, we see eight core aspects that Businesses need to evaluate:
Is there a robust Technology Governance framework in place to identify and manage the fundamental technology risks facing the business?
Does Internal Audit provide the comprehensive, independent and value add IT Audit assurance expected by Boards and Audit Committees?
With the increased scrutiny and requirements from the new EU Data Protection Regulations and the importance data plays as a Business Intelligence tool, does Senior Management have a comprehensive view of the data quality, integrity and security risks and how each is controlled?
With Cyber Security one of the biggest business challenges of the 21st century, are you comfortable you understand the threat landscape facing your business and whether you have sufficient strategies and assurances in place to manage the risks?
With increasing dependencies on technology and telecoms, are you confident that the IT environment is resilient and recoverable?
With transformation, comes project and change management. When projects go into crisis, typically the absence of an effective Project Assurance role is central to poor outcomes (whether quality assurance at each milestone gate, management of risks, engagement of stakeholders). Are you comfortable with the nature of assurance across your change programme?
The regulatory environment continues to impact the risks over technology and data. Are you confident you understand the nature of the regulatory landscape you face and how each risk is managed to minimise the reputation and financial consequences if sanctions are imposed?
Specific IT environments (whether complex system applications such as SAP and Oracle, or infrastructure such as cloud platforms) bring a need to conduct a deeper assessment of the controls in place. Accessing the right skills and good practice methods can be a challenge where specific experts are in such high demand - Do you have the capabilities to meet this assurance need?
If you would like to learn more on how BDO Malta can assist you, please do not hesitate to contact us on [email protected]