ERP, Digitization

Risk management as a service

Daniel Schmid

In the future, business security will be based on a division of labor. When Management provides the staff with the right environment for innovation and cutting-edge work with the latest technologies, they reduce and control their risks. This is because software-as-a-service ensures that you're always working with the very best and safest tools – so your processes never stop running. Instead of assuming liability for operating their systems and storing and archiving data, Management transfers the risks to their cloud service providers.  

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Managing risks

When risks are managed professionally and around the clock, this has a positive effect on the value of the company's transactions. At any time, supervisors have only to contact service providers in order to obtain a detailed analysis of the protective measures at their disposal. This is a very valuable service. For many clients and partners, investors and especially government agencies, close and lasting collaboration is founded on a company's ability to demonstrate a functional risk management system and legally sound data storage.  

Our ERP systems

And here's a second argument for the utility of software services: In a weak-point analysis, the focus is often on the company's on-premises systems. This is a front where experts have identified serious risks. They note that in-house ERP systems are connected to a number of interfaces in internal and external IT landscapes.  

When implementing digitalization projects, in order to automate more and more processes or add new business operations or apps, the on-premises systems have to be progressively broadened – as result, IT creates more and more interfaces with outside systems, increasing the company's susceptibility to external attacks. These interfaces require significant manpower to operate, maintain and, above all, protect. Without 24-hour monitoring, these structures can potentially get out of control and pose a huge risk of external attacks. According to the 2021 Hiscox Cyber Readiness Report, this situation has made small and medium-sized companies an especially frequent target for hackers. 

Managing security

As an alternative, experts point to the high-security data centers of SaaS providers, protected and monitored around the clock. They keep software updated to the latest and most secure versions available. They ensure that business processes never get stuck. In this way, Management collaborates with expert companies and staff in order to minimize and manage risks. Management can rest easy while entrusting cloud service providers with their data protection, data security and comprehensive data availability, as well as a large portion of their company know-how. 

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Author:
Daniel Schmid
Chief Portfolio Officer (CPO) COSMO CONSULT