Thomson Reuters Regulatory Intelligence has published a report on how digitalization can protect firms from the next crisis. The COVID-19 pandemic has tested firms in ways that even the most innovative of business continuity managers could not have dreamt of.
Firms have risen, at speed, to the myriad risks that have been presented to them. Whether it is cyber security, fraud, or data management, firms have looked for effective ways of managing those risks, often through digital solutions.
The report considers:
- How organizations have used digitalization and technology to manage common key risks
- Exploring the corporate and information governance challenges of digitalization
- Whether these measures prepare organizations for any future crises
The COVID-19 pandemic will not be the last crisis to face organizations, but the lessons learned on how digital transformation can reduce the risks should help organizations be better prepared for the next challenge.
The specific ramifications of geopolitical and other uncertainties cannot be planned for, but many of the unduly damaging ramifications should be able to be mitigated by the deployment of technological solutions supported by a robust approach to corporate governance.
The adoption and implementation of technology has taken a huge step forward during the pandemic and sector growth is expected to accelerate in the coming months and years.