Risks are managed differently. Some of them can be managed by a vaccination. Others not.
Fraud, economic crime, cyber-attacks, and non-compliance are risks which are not possible to be managed by a vaccination.
For the time being….
Board of directors are not only responsible for overseeing management strategy, but also, for their risks management which is significant in these fast-evolving times – especially under the actual circumstances of the global crisis.
The Pharma industry produces the vaccination against COVID-19.
All great. For cyber-, non-compliance and fraud-risks there will never be a vaccination.
Nor are we ever becoming immune to these risks! And that needs to be considered in our responsibilities. Immunity will never be achieved.
Keep your own risk-intelligence in mind when I lead you through the following different key areas to focus on
– Risk DNA
Combining the understanding of
– the Risk DNA with
– the potential competitive advantage and
– fulfilling the expectation of the shareholdings and stakeholders
might sounds to be a huge challenge but can be started with the three questions for reflection
– How are we internally categorize the different risk to ensure specific risk DNA?
– What are the competition drivers within our organisation and how do they impact the risk landscape?
– How do fulfil the expectations regarding the mentioned risk?
How could the governance look like taking the critical risk of fraud, non-compliance and cyber at a level higher and treat it more strategically?
Business models change rapidly and the pressure to keep up to speed increases too.
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