Development of an IT Digital Risk Management Framework / Zerah Mae Largo

Date : May 23, 2019
Number of Pages : 54 leaves
Adviser : Prof. Ma. Elizabeth Francisco

Abstract

Digital transformation and innovation are some of the top strategic concerns of business leaders. However, strategy cannot be realized without acknowledging the risks involved. With the large value of investments at stake, there is a need to properly manage digital programs and their impact to business operations.

Currently, there is no consensus on the guidance to be used over IT digital risk management. However, there are common thematic areas that risk managers can apply in their respective implementations. The convergence of information security and operational technology increases the surface area of attacks, heightening the focus on digital security. Meanwhile, change management remains the top challenge for digital success.

The proposed IT digital risk management framework highlights the need for integrating digital governance, digital risk and compliance. Because digital transformation significantly changes the context of risk management, it is recommended that organizational risk assessment processes are strengthened. Digital landscape analysis and assessment over new technologies provide transparency and early indicators of risk that serve as basis for prioritization and action. As the landscape continues to change, keeping an eye on strategic trends will continue to enable organizations to identify technologies they can use to drive competitive advantage.