ABSTRACT
Technology is changing the business environment profoundly and therefore also changing the risk environment in which accountants operate. This chapter outlines some of the ways that technology is affecting the risk environment of businesses and highlights some of the particular challenges that accountants may encounter in their risk-based activities. It focuses on two areas: systems investment and deployment and Cyber security that are having a growing practical impact. Systems investment and deployment—technology can represent substantial levels of capital or operational expenditure, and therefore decisions around new investments present major risks of wasted resources, poor value for money or competitive disadvantage. Cyber security—cyber risks have gone up the agenda of boards across the world as concern has grown about the impact of major cyberattacks and data breaches. The chapter concludes by highlighting some opportunities to improve risk management more broadly through the use of new capabilities in data and analytics.
