Despite Deloitte announcing its recent survey findings that 65% of financial institutions are spending more than ever on risk management and compliance procedures, Gartner’s 2013 Global Risk Management Survey has spotted a trend for many IT departments to isolate their risk-mitigating strategies.
In fact, the US-based IT research firm found that half as many IT firms prioritise enterprise risk management compared to 2013. This is, in part, because of the increased security threat posed by internet globalisation, consumerism of IT, big data clouds and social media.
Since its findings, Gartner has issued a release encouraging SMEs and large firms alike to maintain a proactive, data-driven enterprise risk management strategy across all departments. In the face of increased fear, uncertainty and doubt surrounding data security, the best approach to IT risk is a company-wide one through which companies can develop new fraud- and crime-mitigating business strategies. In this way, key changes can be implemented from the top down, and across all divisions.
Where company executives are concerned, secure IT practices should go hand in hand with effective talent management in order to protect a growing business.