As rapidly as technology evolves, so does the inherent risk surrounding that technology. It has now become ever so critical to ensure appropriate mitigation strategies are constantly evaluated and overall governance is maintained at the executive and board levels. Financial institutions continuously face risk due to misalignment between business and IT strategies, management decisions and the lack of experience to support ever-changing technologies that are critical to the ongoing success of the institution. Oftentimes, financial organizations are reliant on legacy systems that may become obsolete, uncompetitive or disruptive, thus jeopardizing the security, availability and integrity of the data.
At the end of the day, technology risks have financial, regulatory, operational, strategic and reputational implications if not addressed in a collaborative manner with board-level oversight. Members don’t have to be IT experts, necessarily, but they do need to understand how technology supports strategic initiatives so they can provide oversight and challenge management if/when required.
If you have questions on how technology risks impact your financial institution, or would like to learn more how Schneider Downs can help your organization with any of the specific risks above, we’re happy to discuss.
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The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].
Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.