Before diving deeper into the benefits that a companies will enjoy from source code escrow, we’ll briefly examine the nature of enterprise risk management (ERM).
ERM centers around planning, spearheading, and handling the ongoing operations of an organization. Done in a way that offsets the adverse effects that risk can have on continuity, capital and earnings.
What is Enterprise Risk?
Realistically, every decision we make involves some sort of risk. People take a risk every time they cross a busy street without waiting for a traffic light to turn green. Or when they lift a heavy piece of furniture.
But what makes something a distinct enterprise-level risk?
These risks generally have to do with a company’s financial, strategic, and operational functions, which these days virtually always involves IT systems.
Why ERM is Becoming More Prominent
As the digital age grows with seemingly no bounds, businesses are becoming more connected with cyberspace and rely on it for success.
Now, investors and regulatory bodies keep a keen eye on risk-management policies and procedures. Throughout many industries, it’s mandated that boards of directors scrutinise and report on the efficiency of the risk-management processes.
Are you thinking about outsourcing, but concerned about whether it will be effective or cost-efficient? That’s understandable. Many managers and business owners grapple with whether outsourcing is the right choice for their company.
Fortunately, other companies have made their decisions about whether to outsource, and they can share their experiences with you.
This article takes a look at one company that saved over $50,000 by outsourcing some of their work, as well as how you can get started on the same path to savings and efficiency.
Ovia Health saved $50,000 by outsourcing bookkeeping services
It’s no secret that in order to grow and reduce costs, companies need to be able to automate as many processes as possible. This is true of development processes as much as it is of other business processes.
For Ovia Health, their accounting department was getting stuck with manual tasks. They enlisted the help of an accounting automation solution called Bookkeeper, and the service costs them a fraction of what it would cost to employ full-time accounting personnel.
According to the company, the investment for new accounting software would have been about $50,000 for just the first year, plus the cost of hiring another bookkeeper to manage it.
You can realise the same kinds of savings by outsourcing development.
If you’re thinking about outsourcing your development, you must be wondering how to keep your data secured.
Data breaches are a real danger that can lead to fines and damaged reputation. It's very important to understand how your data is being handled by everyone you work with. Especially when working with agencies in different countries where the laws may be different.
This article gives five tips on securing your development outsourcing. These tips include protecting your intellectual property (IP), asking about security certifications, limiting privileges, making an airtight agreement, and preventing breaches.
Protect Your Intellectual Property
Before outsourcing your development, you must be familiar with intellectual property laws. If you’re outsourcing out of your country, you also need to review the intellectual property protection laws in that country too.
Then you can discuss intellectual property policies with your selected agency. You want to make sure they understand the laws and that they follow the rules. Ask about their security measures around intellectual property protection. For example, do their employees sign non-disclosure agreements (NDA)?
The agency should be able to provide these details in-depth. If not, take it as a red flag. You can also discuss discrepancies and have your lawyer add this to your contract.