RiskTech Forum

MEGA: IT Portfolio Management - Boost Business Value by Incorporating Risk

Posted: 2 April 2017  |  Source:

Today’s IT managers must cope with often-conflicting demands. IT systems must be agile enough to meet fast-changing business needs, yet they must be cost-efficient enough to keep IT budgets under control. Reconciling contradictory challenges is essential to stop the rise of shadow IT, those behind-the-scenes applications that pose formidable risks for even the best-run organizations.

If that weren’t enough, there’s now a third challenge in the mix: digital transformation, which is causing profound shifts throughout all industries. Established companies are being uprooted by new players that can better exploit digital technology. To adapt and survive, companies have to rapidly update their products and services. These changes require even greater agility from IT departments that are already pulled in many directions.

Digital transformation has also redefined the concept of IT risk. Companies are rewriting their IT security policies to cope with new technology and new uses such as connected objects (IoT), cloud computing, mobility and a focus on the overall customer experience, to name just a few. Digital transformation is redrawing the boundaries of the traditional company and disseminating IT risk beyond the typical boundary of IT departments. If those risks materialize, it can mean potentially grim consequences for business lines, business performance and corporate image.

Given all of these issues, how can IT managers make sure their IT resources are aligned with business priorities while keeping IT risks under control? The answer lies in breaking down the silos between IT risk management and IT portfolio management. Applications and other elements of a company’s IT infrastructure should be assessed from a risk perspective from the very start because it is the only way to ensure adequate visibility and control throughout their lifecycle.

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