TECHNOLOGY risk MANAGEMENT
The Kayndrex Foundation alone promotes a large group of novel technology products. The technology risk landscape is quickly changing, mainly due to emerging technologies such as blockchain, or new methods like virtual services. According to our technology risk management survey, technology risk management needs to evolve to be prepared for this new, fast-paced, and shifting world.
Benefits of Technology Risk Management
Discover what the best technologies are by assessing the functional fit of each IT component and the organisational vitality. This process lets the foundation opt for a standard across regions or offices, thus moderating redundant applications and/or technologies.
It is vital to identify and comprehend which core technologies exist, their lifecycles, and any software dependencies.
Standardisation is very vital for the sustainability of firms. Once standards have been defined, we should also make sure that they are being followed.
How to perform a Technology Probability Assessment
Get a complete list of applications in Use
As a first step, we collect a list of all the applications we are currently using in the foundation.
Assess the software versions that are in Use
The next step is to discover what software versions are being used. As a best practice we recommend employing a technology stack to group software. We tag our software to reference them in the future.
Assess servers and data centres in Use
This next step is similar to the previous ones. We recommend again to assign a technology stack to each server and data centre. In this step we also verify the data.
Link software and servers to applications
After having collected and verified all of the data in the previous steps, it is important to now create the link between software, servers, and applications. This allows us to comprehend the dependencies between these objects.
Discover how technology affects the Organisation
This is the final step. Now it is time to discover what technology risk actually implies for the organisation.
Deep-Dive: end-of-life management
One of the most important factors in technology risk management is the life cycle management. We take note of the life-cycle of elements in their IT landscape so as to moderate the number of security risks and vulnerabilities.
Businesses need to comply with many regulations. While compliance does involve a high price and in terms of technology, requires an accurate view of applications and technology, the price of non-compliance is usually higher. As a rule of thumb, experts say that the price of non-compliance is 2.5 times higher than the price of compliance.
Complexity is proportional to security. The more complex the technology, the more security it requires. When it comes to the retirement of old technology, we have to carefully balance the two aspects.
Technology risk management is a broad, complex topic that can be solved by advanced data maintenance. This data is essential when assessing the risk of the application landscapes, and to plan, manage, and retire technology components in a smart way.