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Risk management may increase trust in digital economy, says EY

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Involving risk management experts in digital transformation programs increases user experience, decreases costs and strengthens trust towards projects, according to the majority of company heads surveyed in research by professional services firm EY.

Illustration by Robert Kneschke/Shutterstock.com

While some 59% of respondents said they believe that involving risk management experts is beneficial, more than half of those surveyed think that leaders in the field are very rarely active participants in such initiatives.

Respondents think that it is worthwhile integrating all risk functions, such as internal checkups, law, health, and security. The underlying reason is the spread of up-and-coming technologies such as AI and advanced analytics, which allow the risk functions to supply valuable information to decision-makers.

"Risk management cannot operate in an isolated fashion; experts in the field have all the tools, such as data-based simulations, to provide notable help to leaders in forecasting the consequences of their decisions," says Judit Bindics, EYʼs executive director of risk and public sector advisory. "Organizations will become capable of radical growth only after accepting that the new era brings such uncertainties that companies may only prepare for with the help of external resources."

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