Advanced technologies are catapulting businesses forward and driving transformation across all industries. These technologies give organizations the ability to adopt newer business models, newer types of digital assets and greater flexibility by unlocking the value of data at scale.
But innovation powered by advanced tech brings new risks and challenges, such as changes to existing enterprise-wide risk frameworks, new and modified controls and navigating regulatory change. These technologies are often supporting existing processes (such as financial reporting over new business models/digital assets) and service commitments made to clients. As a result, controls over existing processes and reporting commitments such as System and Organization Controls (SOC) 1 and 2 would also need to evolve.
Identifying, understanding and addressing the risks, while capturing growth opportunities offered by these new technologies, is key. Organizations that do it right can reap the benefits of innovation while building trust with stakeholders.