Technology risk and data

Emerging technology risk

Information technology is continuously evolving in fresh and innovative ways, providing businesses with the ability to streamline business processes, decrease operating costs and increase competitive advantage through digital disruption. Our vast knowledge of emerging technologies allows us to provide governance, risk and compliance assurance on a vast array of emerging technologies such as:

Block chain and distributed ledgers
Cryptocurrencies
Robotic process automation (RPA)
AI and machine learning
Big data
Internet of things
Digital solutions
Cloud
Agile and dev ops

These emerging technologies are exponentially changing the world and we are capable of assisting you to navigate these risks associated with these emerging technologies. Our audit teams are supplemented with deep technical experience in each of the emerging technologies in order to provide a holistic solution in the emerging technology risk space.

IT business consulting

Technology is a key accelerator, when evaluating how to enhance business processes and achieve a competitive advantage in the market. BDO provides insight into how to achieve specific business needs and ambitions with our wide range of assurance and process analysis offerings including, but not limited to:

Business process optimisation
Governance, risk and compliance reviews
SOX controls consulting
GAP analysis reviews
Data migration reviews
Remediation implementation and reviews
Disaster recovery reviews
Privacy assurance
Project assurance and project management

Data and analytics as a service: providing management reporting and business insights to clients.

IT Audit services

The fourth industrial revolution around digital transformation has resulted in an increase in our clients spending on IT and systems in order to remain competitive. The emergence of disruptive technology has resulted in an exponential change in our clients’ IT environments. Our IT auditors have deep audit and business skills and are able to respond to these risks.

The emergence of technology in financial reporting processes has resulted in our IT professionals being able to identify the key IT risks related to financial reporting and thereafter key controls in order to develop innovative audit solutions. These solutions cater to the specific IT risks facing businesses, in addition to new IT risks which are emerging as a result of exponential technologies such as machine learning, Artificial Intelligence (AI) and robotics.

Our IT audit solutions are tailored to the following:

IT audits in support of external audit opinions on financial statements
IT audits in support of internal audit reviews focused on specific risks

These solutions are performed through IT risk assessments, general IT controls, application controls and data analytics.

IT attestation services

Clients are continuously looking for synergies through the outsourcing of key processes within their business, such as payroll, IT and other specific services. Our clients are large service providers that provide software and/or infrastructure services.

We are able to perform IT attestation services work on behalf of these service providers and issue an assurance report into the market that provides their clients with assurance over the design, implementation and operating effectiveness of their controls.

These IT Attestation services provided are SOC 1, SOC 2 and SOC 3 reporting.

Further technology elements where BDO has the expertise our clients need:

Artificial Intelligence and machine learning Emerging technologies - including AI, the internet of things (IoT), blockchain technology and robotics - have led to the fourth industrial revolution: encompassing multiple innovative new solutions, these are changing life as we know it on a day to day basis.

Technology is a key accelerator when evaluating how to enhance business processes and achieve a competitive advantage in the market. BDO provides insight into how to achieve specific business needs and ambitions with our wide range of knowledge in this space.

Big data / data science The use of big data and data science encompasses a number of innovative, game changing initiatives and possibilities. Big data is the phenomenon wherein data has exponentially grown and keeps growing in numerous day to day activities. Data science encompasses using this big data for analysis and inference.

Data analysis can aid trend analysis, decision making and has numerous other uses and several tools have been developed. This insight can allow companies to make better decisions and thus improve processes.

The combination of emerging technologies results in numerous, innovative uses in financial services and various other sectors. A few of these uses include:

Wireless payments
Usage-based insurance
Personalised customer experience
Risk analysis and management
Intelligent asset monitoring
Algorithmic trading
Fraud detection
Process automation.

Across all of these segments, BDO brings an in-depth understanding of the complexities of the financial services industry and the unique challenges facing our clients' businesses. Backed by a global network spanning more than 165 countries, we are able to address both domestic and international needs.

Blockchain The internet has changed the way information is shared across platforms and blockchain is changing the way we transact. Blockchain technology is amongst one of the most disruptive technologies globally. Various industries are adopting the use of blockchain technology for innovation and to gain a competitive advantage.

The exponential growth of technology encompasses a variety of new emerging technologies and BDO takes a proactive approach to exploring new business cases and technologies, helping clients navigate this new terrain.

Blockchain is a distributed ledger containing transactions, digital records or events that is replicated across several computers that are assembled in a peer to peer network. It was originally intended to timestamp digital documents so that it is not possible to backdate them or tamper with them. Blockchain technology has started being applied to various industry sectors, including real estate, agriculture, supply chain and financial sectors.

Blockchain technology possesses key attributes such as decentralisation, transparency and immutability. Even though blockchain provides a solution for most tradition technology risk, as a new technology it introduces new risk to the market. Blockchain being so different to traditional technology brings a new challenge to organisations on how to best apply and employ it and be able to harness the value that blockchain technology brings.

Cloud computing Cloud computing is one of the hottest sectors in the business technology market but the window of opportunity for companies to be part of it is closing fast. Leveraging new emerging technologies like cloud computing can drive organisations to increase revenue, cut costs and improve overall operations.

Organisations in every industry are using the cloud for a wide variety of use cases, such as data backup, disaster recovery, email, software development and testing, big data analytics and customer-facing web applications. An example in the financial services industry is the use of the cloud to power real-time fraud detection and prevention.

Cloud computing is the on-demand delivery of computing power, database storage, applications and other IT resources through a cloud services platform via the Internet, which often features pay-as-you-go pricing. Instead of buying, owning and maintaining physical data centres and servers, you can access technology services on an as-needed basis from a cloud provider such as Amazon Web Services (AWS) or Google Cloud Platform (GCP).

These emerging technologies are exponentially changing the world and BDO’s experts are capable to assist you to navigate the risks associated with these emerging technologies. Our audit teams are supplemented with deep technical experience in each of the emerging technologies in order to provide a holistic solution in the emerging technology risk space.

Drone technology The exponential growth of technology encompasses a variety of new emerging technologies towards which BDO takes a proactive approach, exploring new business cases and technologies and helping our clients navigate this new terrain.

Drones themselves provide insight and perspective previously unavailable. This is done by using the latest camera and video software which allows for detailed imagery and data that can be further analysed. With the rise in other emerging technology fields (e.g. AI and machine learning), not only does the drone software become enhanced, but the data captured by the drone becomes more insightful. Having been one of the first firms to utilise this technology has put us in a position to best advise our clients on its implementation.

Future technology Quantum computing has the potential to move mountains in the technological landscape. As a game changing technology, it will result in many interesting solutions and has the power to change life as we know it, enabling great technological leaps. The combination of quantum computing and other emerging technologies present unlimited possibilities. It is impossible to see what the future holds, but with the rise of the fourth industrial revolution and emerging technologies changing life as we know it, there is no doubt that it is exciting.

Internet of things (IoT) Technology is transforming the way financial services providers operate as well as the services clients are looking for. BDO takes a proactive approach to exploring new business cases and technologies, monitoring the legislative landscape in which financial services providers operate and helping our clients find solutions. Using the knowledge and resources of our extensive international network, our specialists provide a wide variety of services to help clients focus on their core business and stay ahead of competitors.

Robotic process automation (RPA) RPA is the application of programmable software that is customised to automate routine, low-complexity and repetitive tasks without the use of additional human input. RPA has a unique approach to automation as it is versatile in any organisation’s environment.

Tech trends reports