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Digital risk management

Cyber-attacks and data breaches against the fourth industrial revolution affect personal data and credit card details of customers, and the brand and people’s confidence in doing business online. A recent joint report between the Institute of Risk Management (IRM) and Cambridge Centre for Risk Studies at Cambridge Judge Business School, titled Risk Management Perspectives of Global Corporations, highlighted the security of enterprises, business continuity and crisis management in the top risks of those surveyed.

The Cambridge Centre for Risk Studies’ Academic Director, Professor Daniel Ralph, said: “Corporations must contend with both internal and external risks that threaten their business models. Their stakeholders are keenly aware of the many potential factors impacting corporate profitability and longevity, thus greater transparency in risk reporting will be expected in the future.”

Digital security ultimately comes down to good enterprise risk management principles and practices, says the IRM.

Victoria Robinson, Head of Communications at the IRM says: “IRM supports the comments from MI6 on cyber threats, never have we been so at risk of new ways of data theft and penetration of company’s sensitive information – which can affect not only customers but the supply chain and ultimately security of the nation and in cases such as health and defense loss of life. The era of the fourth industrial revolution calls for a fourth generation of risk management, fusing our traditional professional skills with managing accelerated digital disruption in whatever type of organisation we work in. The impact of exponential technological change is blurring the boundaries relied upon in traditional risk management and this is why the institute has worked with Warwick University to develop our new Digital Risk Management Certificate. Risk managers of the future must operate amongst the blurred lines between the digital, cyber and physical worlds.”

IRM’s new Digital Risk Management Certificate course material has been designed to help risk practitioners and others to face the ‘fourth industrial revolution’ of digitalisation, supporting them to manage digital risk at a strategic or operational level.

It seeks to explain how new technologies and digitalisation are disrupting businesses, bringing both risk and opportunity in this brave new world. It will also demonstrate that while the work environment may be changing, there’s no need to reinvent the wheel when it comes to risk management – tools and techniques can be applied and adapted as needed.

Tom Sorell, Professor of Politics and Philosophy at the University of Warwick, helped develop the learning materials. He said: “The course will introduce learners to digital as a disruptive force both in products and services, as well as offering clear explanations around cybersecurity risks in business or the public sector. It is designed to develop a clear understanding of digital products and risks, and the tools and techniques which can help businesses stay protected. We hope the course will also appeal to anyone who would like to know more about the opportunities and vulnerabilities unleashed by the internet.”

This practical side of the training will cover audit and assurance for digital and emerging risks, including how to carry out digital risk assessments, with a grounding in cyber security principles, practices and incident management. Ethical issues including both privacy and machine learning (artificial intelligence) will also be considered.

One of the first students to sign up is John Delaney, Managing Security Consultant Security Advisory Team at IBM Security. He says: “Having come across the IRM during some research on risk management best practice I was very impressed with the quality and detail of their thought leadership articles. They offered clarity to the often muddy waters of risk management. When I saw the IRM were soon to offer a new Digital Risk Management certificate I jumped at the chance to study from experts in the field. I look forward to the challenge and increased knowledge the course will bring.”

And meanwhile, the IRM has a new Regional Group in Belgium.


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