Emerging technology

Gaining a competitive advantage by unlocking the full potential of new technologies

Value through transformation

When deployed strategically, emerging technologies have the capability of being transformative game changers for your business. These solutions can provide a major competitive advantage to your company.

It's easy to feel pressured into getting on board as soon as possible. In the rush to adopt these systems, due diligence processes like risk management and assurance can often slip through the cracks—a potentially perilous oversight.

Navigating challenges and opportunities

Whether you're moving ahead with a deployment or sitting on the sidelines, no business is immune from disruption. To take full advantage of the strengths of emerging technologies, companies must develop a framework based on the trust and transparency needed for successful deployments—putting process, people and technology at the centre of the strategy.

As you roll out emerging technologies, your methodology should focus on navigating the risk management challenges associated with blockchain and cryptocurrencies, robotic process automation, Internet of Things, artificial intelligence and drone technology—with cloud computing remaining a key underpinning to all these quickly evolving tech areas.

Robotic process automation

A risk-managed approach to robotic process automation transformation

With robotic process automation (RPA) becoming a trend among organizations looking to integrate digital into their operations, developing strong governance of RPA ahead of implementation will help mitigate risks. Focusing on this while asking the right questions will ensure an effective RPA investment.

Cryptocurrencies

Understanding and adapting to the world of digital currencies

The cryptocurrencies space continues to develop at a very fast pace, and more and more organizations are exploring the benefits of getting involved but don’t know where to start. Before introducing cryptocurrencies to their services, companies need to consider the risks associated with them as well as how cryptocurrencies may change their business.

Internet of Things

Embracing the data-driven interconnected world

The Internet of Things (IoT) is a digital disruptor capable of generating expansive economic growth. IoT can transform business models with innovative initiatives. For that reason, organizations need to develop an IoT risk strategy—including cybersecurity and privacy programs—to be prepared to manage new and future risks, while still creating products and services that bring business value.

Operational security

IoT-based services (control systems and vehicles) require continuity and high availability

Access/device management

In the absence of universal standards, each implementation requires unique approaches to managing authentication, access, updates and patching

Privacy

Pervasiveness of IoT data coupled with user information is causing a rise in consumer privacy violations

Independent time service

Logging systems must identify events without relying on time-of-day data

Diversity of communication protocols

Plethora of protocols for IoT devices complicate security

Identity in digital domain

Many IoT devices require hardcoded access keys, making them vulnerable to attacks

Crisis management

Framework to prevent, detect and respond to events that impact business continuity and reputation with reference to IoT

Controls design and governance

Plan and support the infrastructure risk around IoT; implement a structure to control the access, use and integrity of data

Artificial intelligence

Building strong artificial intelligence governance and control

To unlock the full potential of artificial intelligence (AI), organizations need to not only understand the relationship between human and machine but also change their business models to accommodate AI initiatives. Building a strategy that scans risks and opportunities related to these technological developments will allow companies to better identify current pain points as well as what’s coming in the future.

Blockchain

Boosting productivity and gaining better insights for decision making

As organizations continue to look at blockchain to boost productivity and provide better insights for decision making, they also face additional considerations related to contractual agreements, regulation and risk.

Trust and transparency

Crafting regulatory standards you can use to address and reduce the risks associated with all types of emerging technology deployments will make sure your risks are mitigated—while guiding you along the various deployment stages and helping you stay on top of the regulatory environment.

Creating risk assessment frameworks for each technology area based on American Institute of Certified Planners and Chartered Professional Accountant standards (and customized so they’re applicable for each technology solution) will provide the support needed to tackle rapid deployments that may take weeks instead of months, while reducing the risk of issues slipping through the cracks of your lines of defence.

Taking a holistic approach to help guide your organization through each stage of the life cycle—from building the architecture to after the solution goes live—will make the changes and new technology initiatives stick within your organization.

How we can help

Our emerging technologies team helps guide your deployments from investigation straight through until you're back to business as usual. We'll help you deal with the system requirements early in the process, avoiding the expenditures associated with making changes after the solution has launched.

Traditional business models and the associated accountabilities and value chains are being significantly altered by these new technologies. We'll help you achieve the confidence you need that your journey is well planned and well managed and meets evolving regulatory requirements.

Related insights

Contact us

Peter Hargitai
Partner, Trust and Transparency Solutions Leader
Tel: +1 416 941 8464
Email

Behram Faroogh
Partner, Emerging Technology Assurance
Tel: +1 416 814 5767
Email