In the old days of business, a company would logically decide on a path, embark on it, and deal with any issues that arose from the process as they occurred. Though seemingly sensible at the time, it wasn’t very economical. Resolving issues with planning, production, and distribution as they happened led to delays and cost overruns. Initially, this need for a more anticipative strategy and scrutinized planning led to the development of genuine risk management.
The business world of 2014 has seen risk management grow from its infancy into something that is one of the key elements of any venture. It may seem like repetitively asking “what could go wrong”. But by working to lessen, mitigate, transfer, and provide protection against risk, businesses have become more agile, better managed, and overall, more profitable. Having improved efficiency in other aspects of business, there is one specific area where risk management seems to be having some difficulty adapting: Information Technology.
As could be imagined, IT presents risk management with a host of issues uncommon on other areas of a business. Indeed, IT appears to be one of the areas where risk management is sorely needed, with approximately 16% of IT projects having average scheduling delays of 70% and going 200% over budget. Some issues that a modern, developing business must consider when thinking about risk management in IT are described below:
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Managing constantly growing amounts of data can often prove overwhelming for a business. While the obvious solution may be to outsource data management, how can a company be assured that data is being handled securely?
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With partnerships, joint ventures, and contracting being increasingly favored among businesses, how can data – especially sensitive data – be securely shared by all participants?
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Since all data is not created equal, is the most essential and relevant data being used to influence a business decision?
One of the ways that companies are dealing with this issue is through the broad implementation of risk management software. Not only would this allow a company to better assess as well as compartmentalize IT risk within the greater company-wide risk assessment, but additionally it would bury some of the inherent risks of outsourcing or ventures with other companies, provided the same software is utilized.
The linchpin in making this work is adequate and mutually understood communication. Under the old model, or even the “typical model” of risk management, the prospect of an American company (with data management in India) partnering with a German company could still happen, but, without proper understanding and proper translation of data and risk assessment, the chances of a diminished return or even failure would be significantly increased. With the global business community expanding and collaborating more often than ever before, understanding and utilizing data through the lens of risk management has never been more important to the success of a company. Therefore, in order to be prepared, it is highly recommended that businesses enlist the multilingual communication support offered through an accredited translation company like EVS Translations.
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