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Risk Management: Businesses Often Adopt new Disruptive Technologies with no Consideration of the Risks
Blockchain, Telematics, IoT, Robotics, 3D Printing, Drones, AI, Smart Buildings,… The list goes on. Disruptive technologies are transforming the operating procedures of businesses everywhere. Many businesses feel that they don’t want to be left behind and are jumping into using these technologies without a lot of thought about the potential risks of what could go wrong with the new technology.
A study by Marsh of businesses found that more than 90 percent of businesses have implemented at least one project using a technology considered to be disruptive. But 60 percent of those companies say that prior to adopting the new technology there wasn’t any thought given to the potential risks or side effects of using the new technology.
The Marsh report found that “companies cannot afford to be surprised when technology fails or goes awry. Risk executives need to fortify their strategic role by understanding how technologies impact business models and the direction of entire industries. The pace of innovation globally has made risks more complex and interconnected. This leaves many executives struggling to understand how disruptive technologies affect their business strategies, models and operations.”
Informative article on risk management and disruptive technologies! Your insights shed light on crucial considerations for businesses. Thank you!