When starting out on the Compliance Management journey, understanding the alphabet soup of acronyms can be confusing. Here we try to explain the terms, what needs to be done, and need for compliance management software in the process.
Enterprise Compliance Today
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.
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!
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.
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.
An effective Corporate Risk management system (or ERM) requires developing a detailed inventory of all the drivers and influences and how they affect the organisation. It requires a methodical and introspective commitment to fully understand what makes things tick, but as with most things, a bit of effort upfront produces a lifetime of benefits.
Why, with the number of fertile minds that exist in our field, is it still a case of an irresistible force meeting an immovable object. The paradox I believe, like our would-be entrepreneurs, is one of approach.