The present business landscape is more complex and volatile than ever before, making it imperative for companies to have strong risk management in place. Managers are required to always be proactive in order to timely identify the risk factors and make necessary modifications. Every year, risk managers and analysts are coming up with more effective and agile ways of tackling the precarious business domain. So what new trends can be expected in this domain come 2019?
Following are the trends that all risk managers must look out for in 2019 in order to build a strong risk management strategy:-
- Associating Risk Appetite Statement with Business Outcomes
IT strategies are being closely associated with business objectives, therefore properly identifying security concerns and further extending it to important business decision-makers has become significant. Furthermore, managers are creating simple, practical, and pragmatic risk appetite statements that are relevant to business goals and board-level decisions. This allows decision-makers to better understand the need to address certain security and risk concerns and take effective steps accordingly.
- Growing Focus on Threat Detection and Response
As the complexities of business operations continue to grow, risk managers are shifting their conventional threat prevention approach to threat detection approach while developing their risk management strategies. Companies are focusing more on integrating incident response, threat intelligence, and threat-hunting capabilities in order to comprehensively tackle the risk factors.
- The Prioritization of Data Security Investments
Data security is a complicated issue that can only be solved with a strong and thorough understanding of data, the context in which it is created and applied, and how it is subject to regulation. In the past, companies acquired data protection products and implemented them to align with the business needs. However, presently, leading companies are addressing data security in a more efficient way through a detailed data security governance framework (DSGF). This framework offers a data-centric blueprint that interprets and classifies data assets and determines relevant data security policies. Managers can also enrol in AFRM courses online in order to gain more comprehensive knowledge about this emerging framework and strengthen their knowledge base.
- The Prominence of Passwordless Authentication
Passwordless authentication like a touch ID, face scanner, iris recognition etc., is starting to gain significant market traction. It is being deployed in various enterprise applications for employees and consumers. Passwordless methods offer optimized security and usability, therefore enterprises are using it to combat hackers who target passwords to get into their cloud-based applications.
Above are some of the important risk management trends expected to surface in the year 2019. To sustain in the market and grow your career as a risk manager, it is essential for you to be cognizant, identify the changes and find an effective way to implement it without impacting the existing operational flow. Enrolling in a risk advanced financial management course can help you strengthen your skill sets by efficiently perform complex tasks, thereby projecting yourself as a valuable and reliable asset to a company.