According to Gartner, Inc, leaders in safety and risk management must tackle the top seven ways to protect the ever-growing digital identity of modern organizations from new and emerging threats by 2022 and beyond. Today we will discuss Risk Management Trends In 2022.
“It’s not really that there is a new risk,” explains Alla Valente, senior analyst at Forrester Research, about the risk of the epidemic, “but that [the risks] are closely linked.”
Businesses are becoming increasingly connected to partners, retailers, and suppliers globally. “We find that if there is a high risk in one of those categories, it can harm other categories,” said Valente. Local natural disasters, for example, can have a significant impact and extend across the global supply chain.
According to Peter Firstbrook, vice president of research at Gartner, “complex ransomware, digital supply chain threats, and deep-seated vulnerabilities” plague organizations around the world. “The epidemic has accelerated hybrid activity and cloud transformation, challenging CISOs to protect the ever-expanding business – all due to a shortage of skilled security personnel. “
Safety and risk management trends rehabilitate the risk profile and contribute to business continuity planning.
Trend 1: Expansion Of The Attack Area
Business attack areas are growing. Risks associated with using cyber-physical and IoT systems, open source Code, cloud apps, complex digital supply chains, social networking, and other technologies have focused on improving user authentication, raising the risk of GRC attacks. Exposed areas of organizations without manageable assets. As a result, organizations should look beyond the usual security, detection, and response mechanisms to manage a broad security exposure.
Digital risk protection services (DRPS), external attack control technology (EASM). And online asset management (CAASM) technology will support CISOs to visualize internal and external business processes and automatically secure security gaps.
Trend 2: Areas Of Risk Maturity Include Workflow
Many businesses are considering a risk growth framework to control the growing exposure of risk in a high-risk environment, Valente noted. This approach identifies other components, such as the maturity model widely used in software development. The maturity of risk management requires coping with processes and technologies. Areas of risk maturity include workflow.This is among significant risk management trends.
Trend 3:Reducing The Long-Term Effects Of COVID-19 On The Supply Chain
We cannot ignore the long-term effects of coronavirus. This will be ideal for all businesses. Even businesses that are financially less affected by the virus continue to be affected by supply chain problems in the global economy.
While we have high hopes for a near recovery, risk managers in both public and private companies still have to prioritize business continuity by 2022. Increasing sensitivity to supply chain challenges, such as long lead times, reduced capacity, or the need for new suppliers. Still requires effective solutions and continuous management.
Trend 4: Supply Chain Crisis
Supply chains are particularly vulnerable to cyber attacks due to their interconnected nature. And are as strong as their weak digital link. In addition, the growing e-commerce industry is at risk as the need for shipping and delivery will exceed the delivery volume. This is among significant risk management trends.
The significant disruption of the supply chain costs the organization $ 1.1 million. Not to mention the risks to dignity and the impact on customer loyalty. If the supply chain problem has not yet affected your business, it affects your sellers and customers. In addition, contracts from outside companies and partners in your supply chain may be used by the scam to infiltrate your organization.
Trend 5: Geopolitical Tremors
On the other hand, political instability adds to the uncertainty about the rule of law, especially in the field of human rights. The potential for military and political turmoil in Eastern Europe, among other things, is expected to have some effect on the governance and development of Europe.
Trend 6: Copyright Threatening Recovery And Response
Intimidate high-level players focus on ownership infrastructure and access control (IAM). And data misuse has now become a significant vector of attacks. As a result, Gartner introduced the term “identity threat discover and response” (ITDR). To describe the collection of tools and best practices for protecting patent systems. This is among significant risk management trends.
“Organizations have put a lot of effort into developing IAM capabilities. But much of it has Enterprise risk management has evolved from financial risk management. Increases the attack area on the core part of cybersecurity infrastructure,” Firstbrook said. “ITDR tools can help protect patent systems, detect them, and enable effective remediation.”
Trend 7: ERM Technology Stacks Are Expanded Into GRC.
Enterprise risk management has expanded beyond simple financial control, security access, IT, third-party relationships, and risk management and compliance (GRC). As a result, a comprehensive GRC forum can be an essential component of integrating disaster risk management activities. To formulate policies, risk assessments, law enforcement gaps, event management, accountability, and automated internal audit processes.
Trend 8: The Intelligence Group Is Growing.
Officials in Washington, on the other hand, are working on a solution. Furthermore and developing their first Anti-Corruption Strategy to increase intelligence collection and action against officials where violations occur. The new system, the first in the US, sets out a comprehensive approach to how the US will operate internally and externally. With government and non-government partners, preventing, limiting, and responding to corruption and related crime.
The Anti-Corruption Strategy specifically emphasizes the international scope of the challenges posed by corruption. Including recognizing how corrupt individuals have exploited the US financial system and other legal systems to lose their profits. In addition, the added responsibility of verification will introduce companies with more pressure on the Know-Your-Customer processes. This is among significant risk management trends.
Trend 9: Talent Management and Major Delegation
Workers leave their jobs in droves as the epidemic continues to drive the Great Depression in 2022. As a result, organizations are under pressure to manage their talent and prevent employees from looking for better opportunities elsewhere.
Q3 2021 US Job Market report shows that this trend is about to end. Twenty-two percent of job seekers reported resigning from their previous jobs. And 73% of current employees reported considering leaving their jobs. The epidemic has made workers rethink their priorities and consider other careers. Check Out US Latest Employment Report 2022.
McKinsey and Company have conducted a series of surveys about employees’ attitudes toward the future of remote work. The data revealed that workers felt anxious and tired, often due to a lack of communication with employers about work arrangements after COVID-19. In addition, while many employers adopt mixed work processes. Employees want to know about policies and expectations in the post-epidemic world.
Conclusion
The global risk situation is rapidly evolving by 2022. And recognizing trends is the first step in understanding what your organization needs to address. While it is impossible to predict how long these processes will last. We can at least assume that they will have a lasting impact on the way organizations operate. Therefore, whether it is an epidemic, cyberbullying, natural disasters, staff shortages, or material disruption, businesses need to focus on strengthening performance to protect themselves from risks.
Thank You For Reading 🙂 Related: Risk Management : Introduction & Basics AND Strategies For Risk Management.
Sukhpreet Kaur
