There is a very obvious trend that we see in our BOARDISH ecosystem from speaking with our clients and business partners
Small and Medium-size companies are “struggling” much more during the IT & Cyber budget approval process.
For small & medium size organizations, we see the following recurring feedback during IT & Cyber budgets:
In bigger organizations, we still hear feedback about “complexity” and “Length of process” but in reality, the actual process is much more clear and the length of the process is shorter.
We wanted to find a clear causality for this difference. Initially we thought that larger organizations have more moving parts and more roles so the process must be more complex but in reality the process is structured much better in larger organisations with clear role designation.
We have spoken with many clients and also with our business partners and we are confident that we found that causality.
The most impactful differentiator is the use of “Risk Professionals”.
But …. what makes Risk Professionals so efficient in the Budgeting process?
Risk Professionals are EXPECTED by the management to be the “Translator between IT & Cyber to Decision Making language”, this is the first CRITICAL step in joining IT & Cyber with the Board so they speak the same language.
It is clear that in most organizations IT & Cyber do not talk the same language as the Decision Makers ( Board & C-suite etc.) and without bridging this gap – the budget process is very messy.
When Risk Professionals are involved in the IT & Cyber budget process we see the following advantages:
Is “Showing Risk” enough to get quick decision making?
It’s about HOW MUCH money that risk is going to cost the company. That’s what the board and C-suite are basing their decisions on. Risk and money.
Which is why Risk Quantification is a mandatory piece of the puzzle for getting quick budget approvals!
With Boardish we have noticed that Risk Professionals are the most efficient adaptors of the Boardish methodology and application needing barely any ‘onboarding resources.’ They just get it, because they are already battling risk quantification and expected by management to clearly help with decision-making.
Use Risk and quantification in your IT & Cyber Budget process
Want to get started yourself?
Here is a diagram we’ve created alongside our business partner 360inControl® for a complete step by step process.
You can also sign up to Boardish Basic (completely free HERE) to introduce you to the terminology, and methodology you’ll need for Risk Quantification and quicker budget approvals.
Eli Migdal – Co-Founder of Boardish