How to cope with digital risk management using board rooom software

How to cope with digital risk management using board rooom software

Business owners and senior management are coveted targets for cybercriminals because such victims give access to sensitive information. This article will explain how collegial bodies can implement reliable risk management systems with the help of boardroom software.

Risk management in the digital economy

Introducing modern digital technologies in current conditions is particularly important in developing organization management systems. As the pace of progress in all areas of digital technology accelerates, many of the previously existing constraints on the development of management systems are being removed, while new opportunities and new types of risks are emerging that affect the organization’s functioning.

In the context of the digital transformation of economic processes, risk management activities are increasingly attracting the attention of managers at all levels, who are aware of the scale of the potential consequences of the impact of risk events on the stable development of an enterprise. Risk management is part of the organization’s management system, contributes to achieving performance efficiency, reduces the possibility of making the wrong decision, and minimizes the risk of negative consequences of adverse developments.

Data protection and business continuity are becoming strategic concerns in digital transformation. At the same time, 83% of companies do not have specific business recovery plans in case of an emergency. Against this backdrop, it is up to leaders to take the lead on digital security issues and improve the organization’s cyber resilience. However, they first need to do their own cyber literacy to do this.

The main objective of the control mechanism should be to convey to the owner and managers to the entire organization the understanding that risk management must be built into digital transformation from beginning to end, throughout the whole business process scheme, from the data centre to the output of finished products to the market.

Board software: how to manage digital risks?

The process of developing a

The board portal provides tools to improve the monitoring and risk management of the organization, as well as comprehensive management decision support for managers. The application helps organizations comply with the requirements of the Corporate Governance Code and other regulatory documents on organizing the system and providing information to management bodies and the board of directors. The system covers the main steps of risk management: identification, analysis, evaluation and management of measures to influence the risk.

So, the board software ensures the following actions to organize efficient digital risk management:

  • Organization of an end-to-end risk management process involving all employees of the organization.
  • Collection and classification of information.
  • Creation of change monitoring and risk assessment tools by owners.
  • Automation of the processes of preparation, adjustment and approval of action plans.
  • Monitoring the implementation of activities.
  • Providing information to management to support management decision-making.
  • Automation of reporting for the highest corporate governance bodies.

The boardroom ensures a unified environment for conducting calendar, resource and financial planning, and effective coordination of all board members in the project. The data storage also includes the journal maintained by the system, where all the primary operations (as well as attempts to perform them) of users with documents are recorded. The information in this log contains the entire history of users working with the document and statistics on working with the archive of various users.