Assessing the risks of globally operating companies is becoming increasingly complex. Due to the large expansion of the field of activity, many factors are gaining in importance. An economic crisis in a distant country can affect business just as much as political or social tensions in other areas. In addition, new technologies are changing business activities and, in addition to numerous opportunities, also entail many risks for companies. The task of the risk manager is to ensure stability and predictability in this turbulent environment. Digital technologies offer many possibilities to process the extensive data material that is necessary for this.
Slow spread of digital technologies in risk management
It is obvious that the use of big data and digital analysis techniques facilitates the processing of complex data. Nevertheless, these techniques have so far only been used in a very small number of companies. One reason for this is that the budget is too small to make major investments in this area. In addition, some decision-makers adhere to a classic business model and therefore hardly support the introduction of digital methods. Nevertheless, it is important to overcome these obstacles in order not to fall behind the competition. Accordingly, digital technologies should be taken into account both in the development of business objectives and strategies and in personnel recruitment.
Digitization changes the role of the risk manager
The process of digitization is also changing the role of the risk manager. Whereas in the past the evaluation and analysis of data was the focus of activities, this task is increasingly being performed by computers. One of the main tasks of risk managers is now to develop more comprehensive strategies on the basis of the data obtained. As they take care of the implementation and use of new technologies, their importance for innovation processes increases. They become consultants to the management and have the task of offering them a high added value through the development of data-based concepts. Soft skills such as communication skills are therefore also becoming increasingly important. In principle, it can be said that communication and digitalisation complement each other and completely new fields are emerging.