The key is how organizations are uncovering risks in time and managing them within organizational risk appetite
Responsibilities of the CIO
CIO is just not a change agent or influencer, she / he is “The Chief Information Officer”. Business demands the emphasis on information and not just IT. CIO & CISO are together silently shaping the business for tomorrow by striking a balance between risk and opportunities. A CIO is strongly emerging as a C-suite business leader with a multi-faceted role that wears several hats - Strategy Enabler, Governance Leader, Compliance Enabler, Execution Officer, Security & Risk Ambassador, Value Appropriator & Innovation Catalyst. CIO as a globally savvy leader must adopt an enterprise point of view thereby capable of establishing a safe and boundary - less business territory.
Key priorities for 2021
We are in the era of digital transformation. Irrespective of industry sector, emerging technologies are radically seeping into the veins of business and boosting the digitization manifold. With this, the CIO role is transforming from a pure play technology leader to a business leader.
CIOs will be responsible to leverage emerging technology to drive business performance through innovation. Business acumen, relationship ability and leadership become the key expectations besides expertise in the technology domain. CIOs will have to move away from technological jargons to speaking the boardroom business language. In a nutshell, the CIO will be “a consummate executive capable to guide the business towards a desired goal and cultivate the culture of collaboration, innovation and success”.
Redesigning IT & Security strategy
With the continuously evolving cyber threat landscape and emerging regulatory and compliance needs, it is imperative for an organization to have a strategy in place and work in an agile mode. Every technology has an inherent risk and emerging technologies are not an exception. Adoption is a business call but onboarding them safely is a technology risk ball game. Technology and cyber risk are not just standalone risks; they have an immense capability to trigger – reputational risk, regulatory risk, financial risk, operational risk if not taken care off and in adequate time.
Organizations need best of the breed, seasoned professionals who are capable to deep dive to uncover risks associated with new technologies and work with SMEs to wrap it with efficient controls at different levels. The key is how organizations are uncovering risks in time and managing them within organizational risk appetite. This is a neglected niche skill area and the biggest challenge is lack of skilled talent pool.
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