Technology Risk Management – Our Welch Risk Advisory Team can help

May 4, 2021

Over the last decade, the reduced cost and ‘ease of use’ of technology has led small and medium business and
organizations to make incremental or radical changes to the way they do business.  Senior management is becoming more familiar and experienced with both the opportunities and dangers present in the ever-changing world of technology.

The stakes of businesses using technology to meet their objectives have evolved with the advancement of the internet, the implementation of “the cloud”, the option to bring your own device (BYOD), and the application of smart systems (Internet of Things).  These changes undoubtedly create opportunities for businesses to reach new customers,
increase revenue and reduce costs. However, they also introduce new threats and complexities that yesterday’s IT
management and security processes were not designed to contain.

The COVID-19 pandemic forced businesses to shift their business practices, implementing work-from-home processes and the adaption to digital commerce in order to survive in a new world of social distancing. Significant cybersecurity breaches have helped everyone understand the very real repercussions of poor technology risk management.

Statistics Canada says one-fifth of Canadian businesses were affected by cybersecurity incidents in 2019, the most
recently available data.  Almost half of those attacks were linked to large businesses, 29 per cent at medium-sized companies, and 18 per cent at small businesses.

IT Planning, Implementation, Operation and Management is vital for an organization to achieve its business goals and objectives.  Effective IT processes also provide organizations with a competitive edge and resilience when problems arise.  However, before you adjust your current business processes, there are a couple of questions to consider. Is IT doing the right things for your business (effectiveness)? Is IT doing things right (efficiency)? Technology Risk
Management can help your business with:

  • Good Planning to ensure resources are not wasted;
  • Hiring the right people to ensure IT quality;
  • Strong project management to ensure systems are implemented on time, on budget, and with right quality;
  • Good cybersecurity to protect important data, information, and systems (including Operational Technology) from disruption, compromise, and/or loss.

Welch Risk Advisory’s Technology Risk Management service can help you understand how well your IT processes are supporting the needs of your organization, identify processes and controls improvements and provide practical
recommendations and assistance to help IT better support your business.

Chris Anderson with WRA

Working closely with the Welch LLP Risk Management team, Chris Anderson is here to add value to your business through technology risk management in IT Audit Support, IT Internal Controls, IT Changes, and Cyber Security. The advice, recommendations and assistance you get are practical and effective for your business, risks and regulatory environment.

If you want to learn more about how we can help you with your IT Governance and Risk Management, reach out to us/Chris Anderson

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