IDENTIFYING AND MANAGING BUSINESS RISKS: A FOCUS ON DIGITAL TRUST
Against the backdrop of the coronavirus (COVID-19) pandemic waves and speculation about a global economic recession in 2023, many businesses are revisiting their strategies to ensure they are robust enough to weather another possible storm. It is imperative that businesses take stock of their risks and ensure they have implemented controls to mitigate them.
A key matter in this process is taking stock of the progress made in building digital trust, defined as “the confidence in the integrity of relations, interactions and transactions among providers and consumers within an associated digital ecosystem”. Businesses are increasingly connected through their digital ecosystems, and as they seek to find more innovative ways of leveraging the global digital economy, it is essential to keep building digital trust at all levels. A key element of this is the continuous effort to strengthen an organisation’s information security environment and governance, risk and compliance (GRC) frameworks.
For businesses looking to establish their risk management processes, a key starting point is identifying risks, estimating their likelihood and impact, and creating a risk response plan as part of the process of creating a risk register. For businesses that may have a more mature risk management process, it is important to ensure that reviews of the risk environment are carried out at scheduled intervals to ensure that emerging risks have been considered.
Apr-Jun 2023 Issue
ISACA Emerging Trends Working Group