The events of 2022 greatly impacted the world with conflicts, financial struggles, and natural disasters. Companies were left in a constant state of insecurity
According to figures in the IIA “Risk In Focus 2023” report, internal audit working to keep businesses afloat focuses the majority of its time and energy on the top five risks, which are as follows:
- security of data and the internet.
- corporate reporting and organization governance.
- Laws and rules are changed.
- Risks related to money, liquidity, and bankruptcy.
- Disaster response, crisis management, and business continuity.
In response, businesses are adopting more cautious strategies, such as cutting investments and reducing costs, and waiting for more stable conditions. However, this period of significant change also presents opportunities for companies to introduce new products and services and take advantage of open market niches.
So, in such volatile times, do you need to abandon creating and deploying new features for your software product, or is it sufficient to update processes and devise a crisis management plan? Top executives at Exposit gave some thoughts on IT risk management strategy to help you navigate the storm of change.
Reduce Costs & Implement Metrics
In order to reduce costs, businesses may consider eliminating permanent staff or stopping hiring in regions with high expenses. One alternative option could be to outsource certain projects to a reliable service provider, which can help to reduce fixed costs and allow the budget to be directed towards essential projects. It is important to track metrics in order to evaluate the progress and success of IT risk management. Currently, analytical tools and non-financial metrics such as churn rate, cost per lead, and lifetime value of the client are particularly important.
Additionally, it is crucial to identify software development and maintenance metrics that can have an impact on a company’s finances. For instance, implementing software to monitor the safety of construction materials can potentially lead to cost savings in manufacturing
Examine the technical project risks
Assessing technical risks for IT project management success is required after reviewing all software development options. A reliable IT partner will assist you in determining the best option or even advise you to terminate a project if the risks of execution are not fair in comparison to the intended result
Be willing to try new things: LightClix?
Don’t be hesitant to begin an experiment if your organization has a safety margin and a budget for it. To keep on track, it is preferable to properly test hypotheses, reduce product time to market, and put it into production. It is impossible to forecast what will happen in today’s volatile modern world.
Researchers believe that preparing for a “continuous storm that will blow over Europe in 2023 and beyond” is the key to corporate survival in 2023. It does not imply standing still, but rather proceeding cautiously with product development and developing an IT risk management plan.
Exposit has built its technological and organizational infrastructure to ensure a continuous supply of services.
LightClix’s employees are based in several countries, and the legal structure of the firm allows us to execute contracts with organizations in many places across the world. The technical infrastructure was redesigned to provide high stability in all circumstances.
We are constantly improving the quality of our services, operations, and information security, and we collaborate with significant technology firms (for instance, Dell, Slack, Atlassian, EMS, etc.). As a result, we are among the first to have access to breakthrough advancements, new tools, and methodologies and effectively apply them to IT project execution.
LightClix has established a procedure for acquiring domain and technology competence. As a result, we can provide the finest time-tested solutions based on our knowledge, as well as be your dependable IT partner with smart risk management at every step of your software project.