The report highlights the potential of using asset information data to transform risk management. With the ability to collect and track information about physical and virtual assets, companies can link this information to business risks and opportunities, allowing for real-time tracking and anticipation of risk. Currently, most business risks are managed in silos, which limits the ability to see how risk is evolving. However, the integration of risk with other functions is expected to result in better management of all types of risk, including enterprise, project, and safety risk. This will require companies to move risk management out of the risk silo and develop new approaches, so that risks will be assessed as part of how each team in a business understands and improves its performance. The public’s and politicians’ increasing focus on risk reduction is also a key driver for this change.
