Risk Management

IT Governance to be The Top Risk in 2021

According to Gartner’s research, COVID-19 has reshaped the risk landscape for chief audit executives. The study listed IT governance as the top risk for 2021. Audit committees and executives found that the rapid shift to remote working has led enterprises to jump years forward with their digital roadmaps within a few weeks. Additionally, the survey identified that the pandemic would give rise to new sets of risks while exacerbating longstanding vulnerabilities. In this article at Future CIO, the author discusses Gartner’s research in detail and explains the top three hot spots that audit executives must focus on for 2021.

Addressing Volatility

The rapid adoption of new technologies on the employee and customer side has presented new challenges to productivity, consumer preferences, and security practices. “Chief audit executives (CAEs) must assess how new technology adoption may be hobbling their IT departments’ plans, with IT support incident requests doubling in early 2020 to support the huge increase in work-from-home-employees,” says the author. Gartner warns that managing access rights for many more remote workers presents new risks such as ‘privileged user abuse.’ According to the survey, this new risk is expected to increase over the next 12 to 24 months.

Reevaluating Risk Management

The pandemic has forced organizations to collect more sensitive personal information from employees and customers than ever before. The research revealed that IT governance displaced data governance while highlighting the importance for firms to rethink their risk governance. The study emphasizes that audit leaders must apply dynamic risk governance to rethink their approach to designing risk management roles and responsibilities. Inadequate data governance and IT security practices will undoubtedly have steeper consequences in the current environment as opposed to pre-pandemic. This is particularly applicable to various data types that many organizations feel compelled to collect due to new health and safety measures, indicates Gartner.

To read the original article, click on https://futurecio.tech/gartner-ranks-it-governance-as-the-top-risk-for-2021/.

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