Just like the Brexit win 2 months ago, Donald Trump’s election as US President beggars belief but has some valuable lessons to learn from both a Risk Management and corporate governance perceptive.
Enterprise Compliance Today
In my last article “Is Cloud based Risk Management worth the Risk?” I confirmed cloud solutions can be the right and effective solution given that you do the appropriate due diligence on being fit-for-purpose. If a cloud solution is appropriate, that’s any application not just risk and compliance, then how can you minimise your internet infrastructure risk?
Last week’s simultaneous DDoS cyber-attack on major US websites from Twitter to New York Times, exposed the serious vulnerability for those with cloud based Risk & Compliance solutions. It looks like some people may be cutting off the branch they are sitting on!
It is not uncommon for laboratories to be saddled with maintaining both ISO 17025 and ISO 9001 certification. Although it is simpler to create and implement two QMS – and to "merge" those activities which can be merged – this approach is arduous, inefficient, and prone to mistakes.
Senior management have to come to grips with the fact that Digital Transformation is not an Event but rather the operating environment of 21st century business.
Last week saw the latest in misguided innovation talkfests, the AFR Innovation Summit #Innovation16. For several days academics, public servants, journalists, and corporate employees put forward their insights into how Australia can develop an Innovation culture.
This week I digress from my usual evangelism of all things GRC for a bit of self-indulgent introspection asking the rhetorical question: Why is our only tolerance the tolerance of prejudice?
“Ultimately, America's answer to the intolerant man is diversity.” — Robert Kennedy.
Even more than reputational risk or cyber risk, social unrest is lining up to be a greater disrupter than any other issue. From Brexit to ISIS to race relations, civil unrest is shaping up to have a profound impact on business. For the management of uncertainty on business objectives to be truly effective then risk needs to also include all items that disrupt the marketplace. As such, Social Responsibility is the primary strategy to ensure business resilience.
I have often written on my view that there is an over emphasis these days on Black Swans in risk management. The Brexit vote on Thursday not only shot shockwaves through financial markets but has created a whole new paradigm to world economic stability both short and long term. And if Risk is defined as uncertainty then as of today, this must be one of our greatest risks.
Risk management is suffering from too much consultant-speak – mystifying what is a standard business practice. When inducting new staff in the concepts of risk management, I use the most obvious analogy which clarifies the issues simply: that of our own mortality.