SUSTAINABILITY
manage risk as appropriate . This will increase and improve collaboration which can lead to valuable insights e . g . supply risks impacting multiple areas of the business . Another strategy is to implement regular audits of key suppliers ’ risk policies and processes to ensure they deliver . For example , pharmaceutical companies ensuring that the third-party companies running their clinical trials will do so ethically and in the required time-frames .
“ Finally , all business cases should include an assessment of risks , with clear explanations of how they will be managed .”
One of the key facets of operational risk management companies have to address in this day and age is the prospect of cybercrime .
Figures in last year ’ s Accenture Cost of Cyber Crime study showed that the average annual cost of cybercrime is $ 11.7mn , increasing annually by 22.7 %, with the number of breaches increasing by 27.4 % to an average of 130 each year .
“ Operational risk management is getting more important in recent years due to the new and more stringent regulatory requirement while organisations are keen to embrace the digital transformation which essentially increases the risk exposure as a result ,” says William Tam , Director of Sales Engineering , APAC , for global cybersecurity expert Forcepoint .
“ The continuously shifting ‘ threat landscape ’ requires an equally transformative view on behaviourcentric security . To manage cybersecurity risk , companies need to include measures that understand the nature of human intent and the ability to dynamically adapt security response . That ’ s the path forward to stop cyberattacks dead in their tracks .
“ Cloud computing has been
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