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Last week we talked about the potential risks arising during a digital transformation process. How can these risks be managed and mitigated?

We here propose some steps to establish an effective risk management in a digital environment.

Step 1: Discover
Study your digital transformation enablers and assess their footprint and impact, connecting them to the main risks presented last week

Step 2: Develop
Develop a risk-based digital architecture, which is unique and peculiar to your firm, organizational needs, and each enabler you are taking advantage of

Step 3: Implement
Implement the risk-based digital architecture for the selected digital enablers

Step 4: Monitor
Create a consistent monitoring and review procedure, that must be agile and adaptable to the new developments that may arise especially in terms of legal and regulatory requirements.