It takes two to tango: Managing technology risk is now a business priority

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06/13/2013 by Financial Services Institute
It takes two to tango: Managing technology risk is now a business priority

At a glance

Putting technology risk management on the business agenda today can safeguard and potentially improve business value, brand, and reputation.

For too long, financial institutions have viewed technology risk management as a defensive tactic or regulatory compliance activity. Based on our observations, existing approaches to technology risk management often provide limited value to the business.

However, we see an opportunity to leverage technology risk management to provide strategic business value. We believe that effective technology risk management requires financial institutions to adopt a “top-down” approach that focuses on the objectives of the business, its supporting processes, and critical information assets. Leading financial institutions are shifting their focus on risk management, moving from a fragmented and reactive compliance approach to a more balanced, business-aligned, risk-based strategy.