Wake Up, Risk Managers - Société Générale Highlights the Critical Dependency of Business Risk Control on IT

Enterprise Management Associates, March 2008, Pages: 6

To many executives, 'enterprise risk management' means the analysis of credit risk, market risk, actuarial science, and similar disciplines for assessing business risk exposure.

Recent events, however, have made clear that businesses can be exposed to as much—if not in some cases far greater—risk from the exploit of information technologies. Today, virtually every enterprise is technology dependent—but many businesses continue to take a naïve view of the need to make a more serious investment in understanding business risk control in IT.

The recent case of alleged fraud on an unprecedented scale at Société Générale sends a wake-up call to business risk professionals: it’s time to take IT risk seriously. At the same time, IT risk pros need to make a much more actionable investment in helping the business to understand IT risk.

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