IT Audit Danger Administration within the Age of Knowledge: Insights from Business Consultants Mojisola Ologe and Babatunde Raimi

The digital revolution has ushered in a brand new period of alternatives, but it surely has additionally opened the floodgates to a myriad of dangers. IT Audit, an important pillar of threat administration, is evolving quickly to maintain tempo with these adjustments. 

Increasingly more, organizations hinge their operations on digital infrastructure, therefore why IT Audit Danger Administration is so integral. It helps companies navigate this complicated panorama by figuring out potential dangers and vulnerabilities of their IT programs and implementing preventive measures. Its function in guaranteeing enterprise continuity, defending delicate information, and upholding regulatory compliance has made IT Audit Danger Administration an indispensable element of contemporary enterprise methods.

Mojisola Ologe, a seasoned skilled within the subject, has notably distinctive insights on this transformative journey. Mojisola, who holds a Masters’ in Enterprise Administration and Knowledge Analytics, has been on the forefront of this evolution, making use of her proficiency in information evaluation utilizing instruments comparable to Python, R, SAS, and VBA to refine IT audit threat administration practices.

“The important thing lies in understanding that right this moment’s technological panorama is just not the identical because it was a decade in the past,” Mojisola emphasizes. “Cyber threats, information breaches, system failures, and compliance points have all change into frequent, and companies should adapt to those realities.” In 2022, the imply value of an information breach escalated by 2.6% to a record-setting $4.35 million, up from $4.24 million the earlier 12 months. This marks the steepest quantity ever reported in IBM Safety’s “The Price of a Knowledge Breach Report”.

“The panorama of threat has modified considerably with the arrival of digital applied sciences and it’s important for companies to establish, assess, and mitigate these dangers with a view to guarantee sustainable development,” says Raimi.

Raimi has made appreciable strides on this space, notably lowering monetary losses by 60% throughout his tenure because the Head of Insurance coverage and Enterprise Danger Administration at Kobo360 Inc. This feat was completed largely because of his capability to leverage information analytics in decision-making processes.

Business skilled Mojisola Ologe

Gartner stories {that a} vital 91% of companies are endeavor a number of digital initiatives, with a excessive proportion of senior leaders, 87% to be precise, acknowledging digitalization as a precedence. In step with this digital shift, virtually 89% of all firms have both already applied a digital-first technique or have plans within the pipeline to take action.

“The important thing to efficient IT Audit Danger Administration lies within the capability to leverage information,” says Raimi. “Knowledge is a strong device that may assist organizations establish potential threats and vulnerabilities earlier than they materialize into full-fledged dangers.”

By way of using information evaluation strategies, organizations can higher perceive their threat panorama and design simpler threat administration methods. For example, predictive analytics can be utilized to anticipate potential system failures or safety breaches, permitting organizations to take preventative measures upfront.

One other crucial facet is the mixing of information analytics in compliance administration. Based on a 2022 report by Deloitte, 49% of firms now use analytics to handle compliance threat, up from simply 21% in 2017.

“Compliance isn’t just about assembly regulatory necessities, it’s additionally about sustaining the belief of your prospects,” Mojisola remarks. “Knowledge analytics can present actionable insights to assist guarantee compliance and, by extension, buyer belief.”

Whereas information evaluation is a strong device in managing IT Danger, Mojisola additionally emphasizes the necessity for a holistic method. This entails a sturdy understanding of the group’s tradition, processes, and programs.

“An efficient IT Audit Danger Administration program requires a multifaceted method,” Raimi explains. “Knowledge evaluation is one piece of the puzzle, but it surely must be built-in with different elements like company tradition and course of enchancment.”

As organizations proceed to digitalize, the function of IT Audit Danger Administration turns into more and more essential. By leveraging information evaluation and drawing on the insights of trade specialists like Mojisola Ologe and Babatunde Raimi, companies can equip themselves to navigate the evolving threat panorama with confidence.

To this finish, they depart us with a thought-provoking perception: “IT Audit Danger Administration isn’t just about mitigating dangers, but it surely’s about turning these dangers into alternatives for development. And that’s the place information could make all of the distinction.”