Optimising financial processes

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Something to Consider: Every Digital Transformation Needs Risk Management

Something to Consider August 2019 3

Every Digital Transformation Needs Risk Management

You can’t read the news today without learning about some type of technology project gone wrong. These headlines don’t mean that technology isn’t working or that digital transformation isn’t worth it. Companies are rushing headlong into digital transformation without a clear roadmap or plan of how things could go off course—or how to get back on track. That’s why Risk Management is so crucial in all Digital transformation initiatives.

Our view of risk needs to be expanded. Every change has an upside and a potential downside. Major change means major implications, both ways. Risk management can no longer be an afterthought, it is an integral and crucial part of the planning of any change or transformation program. It also shouldn’t be viewed negatively – the higher the risk the higher the potential reward!

Risk management doesn’t ensure change success. But without it no change will be successful or sustainable. Unless you rely on luck.

Luck is not a strategy.

Our article of the week from Forbes is about ensuring you place risk management central to digital transformation – or suffer the consequences later. You can read it here.

Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.