The research study, by Wipro and FT remark identifies key trends in business resilience, from the challenges and priorities, to the value that various measures add. It also introduces the concept of technology risk, or the potential threat to and vulnerability of a business, with the potential threat extending to individual assets, customers, brand and reputation, external business partners, vendor ecosystems and the broader business environment.
In this report, we seek to identify how businesses in the Asia-Pacific region are building resilience. To understand this, we approached chief risk officers (CROs), chief information officers (CIOs) and other C-suite executives to tell us how they go about making their businesses resilient and managing technology risks. By comparing Asia-Pacific-based respondents with those from other regions, we reveal the unique characteristics of business resilience in the Asia-Pacific region. On a broader spectrum, this report focuses on the impacts of technology and the way in which fast moving technology developments and opportunities challenge clients to adapt.
Key findings for Asia-Pacific
- The largest share of respondents (65%) say that integrating new technologies with the old ones is one of their biggest challenges. This is followed by inadequate implementation of infrastructure (58%).
- The firms' understanding of technology risk is most often influenced by the extent of a threat's impact (64%), and the likelihood of a threat (62%).
- The most pressing area of concern over the next 12 months is business continuity and disaster recovery planning, with respondents rating this a 4.01 on a scale of 1 to 5 (where 1 is not at all important and 5 is very important).
- For the 85% of interviewees who agree that technology risk management adds value, 38% say that it does so by increasing customer satisfaction or confidence.
- A large majority of the survey pool (76%) anticipate that their firms will increase or greatly increase their focuses on technology risk management in the next 12 to 24 months.
- Regarding technology risk management spend; the largest share of respondents (68%) say potential added value is an important factor to consider. Only 42% consider business process resilience.
- When thinking about business process resilience, 89% of respondents consider their own firm, with only 63% thinking about their customers and 49% considering partner organizations.