Many organisations have been left reeling from recent disruptive global events. For some, there are insurmountable barriers to continuing to do business, some have seen significant impacts to the way they work and technological enablement, and other limited industries have seen a significant increase in demand for their services, all of which carry their own unique set of challenges, risks and opportunities.
As we adapt to the “new normal”, leaders are wondering whether they could have been better prepared for this, was their reaction appropriate considering the context at the time, and is the new way of working still enabling the achievement of their objectives.
Risk Management Integration
Risks are faced by every organisation, regardless of industry, size, location or regulatory environment. Every organisation faces a unique set of challenges and risk exposure, so no risk management framework can be one size fits all. Herein lies the dilemma for risk professionals and management; it requires a flexible and customised approach – one which requires those in the business to engage with risk management. What we are finding is that risk management succeeds when it isn’t confined purely to the risk and audit teams, and principles of risk management should be embedded in all organisational functions and roles. An effective risk management approach is tailored to, and systematically adopted across the organisation.
Impact of the Royal Commission in Financial Services
The recent Royal Commission into Financial Services identified the greatest risks were not specific to the financial services sector, and impact on all businesses, irrespective of every type, size or industry; Governance and culture. Financial services may have borne the brunt of the inquiry, but it is not the only industry coming under scrutiny; a holistic approach to risk management embedded across the organisation with clear accountabilities and line of sight is key to being prepared, resilient and agile in identifying and responding to both threats and opportunities.
How are organisation’s managing risk and compliance in response to COVID-19?
PwC recently held a webinar with several of our Brisbane risk and internal audit clients around the challenges in navigating risk and compliance in relation to global disruptive events. At the webinar, we asked attendees to answer a series of questions relating to their organisation’s response to COVID-19 and its impact on their risk management framework. Their responses can see seen below.
Interested in risk management training?
Check out our 2 day risk fundamentals course.