Digital transformation is a critical priority for many companies across most industries, and it’s more than a catchphrase. Digital transformation is truly changing consumer and business experiences. With solutions like Uber and Venmo, we’ve gone from “there’s an app for that” to “there’s only an app for that”. No industry is immune to these competitive and global pressures, and the changes go beyond the actual products and services.
Companies must conduct business where their customers are while marketing and selling their products through mobile, online or social channels. Businesses must interact with their not-particularly-loyal customers in more simple, efficient and satisfying ways through the customer life cycle. It’s not the “digital” part that’s the biggest problem. “Transformation” means both reinvention and completely new invention. These rapid changes produce all sorts of new – and often unexpected – side effects, including new risks. The companies that rise successfully on the other side of the digital transformation must find ways to achieve speed and quality in the digital world while maintaining trust.
This eBook is written so employees of transforming companies can read it, understand the content, and better see how they can contribute to the company’s success by managing their risks. This book isn’t intended to be a prescriptive implementation manual. It’s for education and calls out some of the most common examples and elements of digital risk management. You can take many different approaches to risk management, so before embarking on an actual risk programme, hire knowledgeable people or engage consultants.
