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 by businesses today, there are eight core aspects that need to be evaluated:
1. Technology Governance
- Is there a robust Technology Governance framework in place to identify and manage the fundamental technology risks facing the business?
2. Internal Audit
- Does Internal Audit provide the comprehensive, independent and added value expected by Boards and Audit Committees?
3. Data Protection
- With the increased scrutiny and requirements from the new EU Data Protection Regulations such as GDPR 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?
4. Cyber Security
- 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?
5. IT Resilience
- With increasing dependencies on technology and telecoms, are you confident that the IT environment is resilient and recoverable?
6. Project and change management
- 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?
7. Regulatory landscape
- 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?
8. Technical Expertise
- 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?
Our unique approach ensures that our clients receive complete guidance and assurance to navigate the ever-changing business landscape. BDO can help your organisation succeed by navigating technological risks, data protection, cyber security, IT resilience, project assurance, regulatory compliance, and specialised knowledge.