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Risk Management 101: Trends and Priorities in 2022

It’s the beginning of the year, which means it’s time to dust off your company’s annual to-do list. It’s the perfect time to check-in and evaluate business needs, wants, and must-haves. Of course, you’re likely checking that your business is covered through business insurance most effectively and efficiently, but how much time do you spend on evaluating the risks it takes to run your business throughout the year? Can you assess those risks and put an action plan together to avoid using your insurance at all, hopefully? Lucky for your business, SOGO isn’t just here for the insurance part. We’re here to help run a successful business’s risk management portion. We’re looking at some trends and priorities to look out for in 2022 as risk management changes with the world. 

Scientific Research Is Always Underway

We already know that the Internet can be a beautiful and ugly thing simultaneously. It has brought us endless ways to consume and share. Now scientists are taking the information they’ve collected from people’s interactions on the web as a way to investigate risky behaviors. The good news is that this research can help identify precarious individuals within the company. Still, the bad news is that employees can feel that science has become a priority over the actual people. For example, a Japanese company recently built a platform that identifies workers who are more vulnerable to cyberattacks based on their behavior while browsing the web and checking email. It’s scientific and rooted in metrics; however, employees felt betrayed. 

Automation Is a Helping Factor 

Thanks to all the behavioral research we just discussed, more organizations use intelligent machines and software to help detect risk. As AI algorithms become more and more advanced, more organizations count on automation to shut down any threats. However, someone in the room usually doesn’t trust an algorithm over a human being to analyze risk, so you have to do what’s best for your company with those parallels taken into consideration. An example of this trend is the existence of a Deep Social Linguistic Analysis (DSLA) technology that scans social networks for an organization’s social media pages and makes them aware of fraudulent activity, sensitive data, fake accounts tied to the business account, and more. 

The Rising Chance of Being “Cancelled” 

We saw it happen several times in 2021: businesses and employees were reprimanded for what has been publicly deemed “bad behavior” thanks to the continuous availability of the internet and social media platform users. The reputation risks of companies have been multiplied and aren’t slowing down any time soon. Companies are being forced to plan for situations where the company finds itself between a rock and a hard place, having to “cancel” either employees, campaigns, or even business decisions that have an environmental impact. No company is safe from being “canceled” thanks to current technology. 

Have you thought about the trends listed above? Would you be prepared to handle or prevent disasters from happening? SOGO is here to help with more than just insurance. Our risk management team can help you think about the risks you might not be seeing yet. Let us help you get organized and get ahead of the game. Call us today to find out how we can help your business work smarter, not harder.