Gaining a competitive advantage by unlocking the full potential of new technologies
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.
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.
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.
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.
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.
IoT-based services (control systems and vehicles) require continuity and high availability
In the absence of universal standards, each implementation requires unique approaches to managing authentication, access, updates and patching
Pervasiveness of IoT data coupled with user information is causing a rise in consumer privacy violations
Logging systems must identify events without relying on time-of-day data
Plethora of protocols for IoT devices complicate security
Many IoT devices require hardcoded access keys, making them vulnerable to attacks
Framework to prevent, detect and respond to events that impact business continuity and reputation with reference to IoT
Plan and support the infrastructure risk around IoT; implement a structure to control the access, use and integrity of data
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.
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.
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.
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.