Transversal approach to digital risk management

Abstract

The article presents a brief overview of digital risks, since their management is an integral part of business management. Digital transformation opens up incredible opportunities for both organizational growth and value creation. However, none of these opportunities can be realized without taking into account the associated risks. An increasing number of organizations are becoming vulnerable to certain types of digital threats. Risk management is critical to the sustainability of an organizations, and understanding risk areas is critical to identifying and eliminating all the risks that an organization may be exposed to in a digital environment. For effective management of digital risks, the authors highlight those their areas that seem to be the most significant.The paper emphasizes three approaches to mitigating digital risks: tactical, operational and strategic. When studying the main areas of the emergence of digital risks in an organization, the authors concluded that it is necessary to develop a universal approach to creating an effective risk management mechanism in the digital environment. Within this approach, the article formulated the main stages of digital risk management.As an effective toolkit in managing digital risks of an organization, the paper proposes to use a transversal approach, that is, the organization of such connections, interaction and cooperation between individual employees and divisions of the organization, which allow you to effectively implement processes associated with risk identification, their analysis, and decision-making aimed at minimization of possible negative consequences of already occurred risk events. At the same time, effective management of digital transformations to ensure cross-functional synergy presupposes the elimination of risks arising from interdependent processes. The study also proposes to develop a digital risk management strategy based on a transversal approach in integration with the digitalization strategy already being implemented in the organization. This approach will allow the organization to feel more confident in the future when implementing and using innovative technologies to solve the problems it faces.

Keywords

• continuity
• cross-functional synergy
• digital asset
• digital risks
• digital transformation
• management
• monitoring
• organization strategy
• threats
• transversal approach