Risk professionals have a crucial role in maintaining their company’s reputation. Integrated Risk Management (IRM) digital ethics guidelines insist that you must have ‘moral compasses’ to respond to various situations. A risk manager’s decisions should be future-forward but flexibly balanced to cater to today’s volatile business world. IRM has provided some guidelines to help risk professionals get a better direction. In this article at Enterprise Risk Magazine, learn about the IRM digital ethics for better risk management in this digital era.
Achieve IRM Digital Ethics
IRM chair Iain Wright says that risk professionals must ensure that technology implementation affects the company less. Furthermore, you should analyze how to transform risks into opportunities. Here are some IRM digital ethics for risk managers’ benefit:
- What you should not do in the physical space, you should avoid doing the same activity in the digital world.
- You must secure data as much as possible. It should be ‘complete, correct, consistent, and current’ per your knowledge.
- Keep the data sources and results free from biased selection to the best of your abilities.
You should perform four tests to understand how much you are able to follow the above digital ethics guidelines. Here is the questionnaire checklist you must use:
- Do you have governance that is effective and foolproof? Does it cater to the interests of stakeholders that supported or stood by the technology implementation?
- Is the technology fair in how it selects data and categorizes datasets? Are you sure that it does not have any bias that could land the company or stakeholders in any trouble?
- Can the technology provide the level of visibility needed to create transparency in all governance processes? Does it help stakeholders better understand the workflow, reporting, and knowledge transfer or sharing?
- In what ways is the technology impacting professionals and society?
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