Monthly Newsletter – October 2020
For those that are new to the GOAT mailing list, we try to limit over use of this list so once a month we send a roundup of what we’ve been up to and periodically use this to invite you to events that may be relevant. If you follow us on Linkedin, you may have seen this content as it was posted but this summary will direct you to anything you may have missed.
Reframing risk management
I believe risk maturity is the biggest challenge for the risk profession, making it a valuable and embedded capability that actually helps the business be more proactive, take accountability, improve performance and deal with issues. This is how I’ve reframed risk management to business leaders.
A few shocking headlines
Corporate failings and crises continue to happen all the time especially in this current environment but two stories really stuck in our minds this month:
I’m not sure this is a first but I don’t recall any other company getting regulatory fines specifically for risk management. $400m fine and the article talks about how Citi intend to invest more than $1b this year in risk management and control efforts.
The whole retail sector has been severely affected by the pandemic so being slapped with a $41.3m fine for a GDPR fine is really the last thing anyone needs. To hear that this is because line managers were diligently recording 121 meeting notes but these were somehow made available company wide due to a system error is very unfortunate.
You’ve set your risk appetite. Now what?
I met the content editor at the Business Reporter, their readership are general business leaders and professionals and was surprised that their audience wanted to learn more about risk appetite and specifically getting to the – So What?. Here is my attempt at explaining the concept and application aimed at a CEO or C-suite executive.
Final thoughts
As we draw to the final few months of this awful year which will forever be ingrained in our memories, I know many of you are preparing more proactive plans for 2021. Please spare a thought for the tools and systems you use, the time you spend on risk reporting, the difficulty in getting everyone to update their risks and the importance of making risk management a high value capability. If you haven’t already, check out GOAT to step change your risk management. Whilst the pricing is low, now is the best time to secure budgets for next year.
Find out more and start a free trial https://www.goatrisksolutions.com/our-product/
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