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Technology Risk Assessment Framework for Australian Boards

A comprehensive framework for boards to assess and monitor technology risks, including cybersecurity, operational resilience, and strategic technology decisions.

By Kareem Tawansi•10/01/2025•12 min read

Australian boards face unprecedented technology risks—from ransomware attacks costing millions to AI bias lawsuits threatening reputation. Yet 73% of board members lack confidence in their ability to oversee technology risks effectively. This framework provides a structured approach to technology risk governance that meets APRA and ASIC expectations while enabling strategic technology decisions.

Five Critical Technology Risk Categories

1. Cybersecurity & Data Protection

  • • External threats (ransomware, APTs)
  • • Insider threats and privilege misuse
  • • Data breach and privacy violations
  • • Third-party vendor security gaps

2. Operational Resilience

  • • System outages and downtime
  • • Disaster recovery capability
  • • Technology debt and legacy systems
  • • Critical vendor dependencies

3. Strategic Technology Risk

  • • Technology investment ROI
  • • Digital transformation failures
  • • Competitive technology gaps
  • • Emerging technology adoption

4. Regulatory & Compliance

  • • Privacy Act compliance
  • • Industry-specific regulations
  • • Cross-border data transfer
  • • AI and algorithmic accountability

Board Risk Assessment Framework

Risk CategoryLow RiskMedium RiskHigh Risk
CybersecurityZero tolerance frameworkIncident response planContinuous monitoring
Operational99.9% uptime achievedDR tested quarterlyLegacy system strategy
StrategicROI tracking in placeAnnual tech strategy reviewInnovation pipeline
RegulatoryCompliance automationRegular auditsLegal counsel engaged

90-Day Implementation Roadmap

Days 1-30: Foundation

  1. 1
    Establish technology risk committee with independent expertise
  2. 2
    Conduct baseline technology risk assessment across all categories
  3. 3
    Define risk appetite and tolerance thresholds for each category

Days 31-60: Framework Development

  1. 4
    Implement risk monitoring dashboard and KPI tracking
  2. 5
    Establish quarterly risk reporting to board
  3. 6
    Create incident escalation procedures and communication protocols

Days 61-90: Optimisation

  1. 7
    Conduct tabletop exercises for major risk scenarios
  2. 8
    Review and refine risk assessment framework based on findings
  3. 9
    Establish ongoing risk management maturity improvement plan

Key Success Metrics

< 24h
Critical incident response time
99.5%
System availability target
Zero
Material compliance breaches

Need help implementing this framework?

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