The State of Innovation & Technological Impacts

Big data, the cloud, artificial intelligence and the Internet of Things (IoT) are the main technologies on the radar of organizations, especially as they seek to fully understand their individual impacts. Since technology underpins and drives innovation in all forms, it isn’t surprising that two leading strategic initiatives are effectively implementing new technologies and improving existing products (as well as creating new products). Effective Risk Management Program Attributes/Actions

  1. Confidence in the age of big data and artificial intelligence: this represents a significant advantage as emerging technology deployments accelerate.
  2. Influence over decision making and the shaping of innovation strategy: Adapters exert more influence over innovative initiative decisions specifically; also, they are nearly twice as likely to say that the risk management function provides strategic advice and helps shape innovation strategy and execution.
  3. Engage early and often across the innovation cycle: organizations manage risk more effectively if senior risk executives are involved in high-level strategizing with business leaders and the board and more attuned to risks in internal and external operations.
  4. Take multiple actions to manage risk exposure: Adapters are nearly one and one-half times more likely to take multiple actions (>4) to reduce risk exposure from innovating activities.

Five Actions to Take Today

Link: PwC | 2018 Risk in Review Study

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ERM Enterprise Risk Management Initiative 2019-04-30