When using digital technology, you’re taking a risk. While you’d like to be more flexible and dynamic, you’re also dependent on supporting technology. This dependence leads to risk because your company doesn’t understand how to define its relationship to supporting technology. Executives have an important role to play in establishing a common language. They should consider the following five factors when assessing digital technology risk:
In the 21st century, digital technologies are expected to be increasingly important in the development of drugs, health care delivery, and public health. This will make it important for risk minimization interventions to incorporate digital technology into the health care delivery system. But the question is, how do we use digital technologies to manage risk? Let’s examine some of the issues that can arise. Keeping a focus on the risks associated with digital technology may lead to improved drug safety.
As technology becomes more tightly coupled, the risk of failure will increase. It can lead to disastrous results for a business if a component part fails. Failures of a single component part can lead to a cascading effect, rendering core processes inoperable. Identifying the components of a business’s digital processes is key to ensuring that it remains competitive and resilient in an increasingly hyper-networked world.
To ensure the success of your risk management strategy, you must invest in a digital risk management system that can provide ongoing, automated risk assessments based on monitored metrics. For example, if your system fails to perform scheduled maintenance activities, your system should send an early warning to the managers. Once your digital risk management solution has these capabilities, it will determine your risk appetite for each foreseeable risk and its impact on your business. Then, it should prioritize mitigation plans based on this data.