A data breach could lead to regulatory fines, the loss of customers, and reputational damage, all of which impacts financial performance.
This type of situation underscores the wide range of risks manufacturers face.
This evolving landscape means traditional risk management approaches no longer cut it. Strategies need to transition from working within departments to wider, enterprise-level perspectives.
This approach takes a comprehensive view of risks and how they interact, instead of addressing them in silos.
This also means leaders must work with department heads across the organization. Additionally, the ability to manage user roles and permissions, implement automated controls, and customize workflows with continuous security and vulnerability scans will become more important.
These capabilities shift risk management from reactive and siloed to proactive and company-wide in creating a culture of risk awareness.
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