Tuesday, October 11, 2022

Initiativesofriskintelligence

10:00 PM Pearl Zhu No comments

Risk management requires clear vision, a strategic mindset, and be cautious of hidden pitfalls from achieving business goals.

Due to the “VUCA” characteristics -Complexity, Uncertainty, Ambiguity, and Velocity of the Digital Era, the directorship in any organization must have the agility to adapt to changes and build abilities to advise, inspire and motivate a group of people toward accomplishing shared visions and goals.

The important characteristics of digitalization are over-complexity, uncertainty, and ambiguity. Hence, GRC (governance, risk management, and compliance) becomes more critical than ever. Here's the context; how should GRC programs be approached? Should technology be a driver? Can you achieve any level of GRC without automation? Can you achieve any level of GRC without people? What is the real driver of GRC? Modern corporate boards play significant roles in guiding businesses in the right direction and achieve expected business results. Here are the multiple perspectives of shaping a strategic boardroom with digital acumen.

Initiatives of Risk Intelligence

Improveriskintelligence The business ecosystem environment is full of uncertainty, ambiguity. In fact, companies that are still stuck with their old ways run the risk of being rapidly disrupted. Forward-looking organizations are on the journey to increase organizational agility, innovation, and people-centricity. Having a risk-awareness culture is not strong enough to adapt to the increasing pace of changes. Risk management needs to be integrated into a variety of business management, lifting up its maturity from risk control to risk intelligence.

Illuminateriskintelligence In business, every day is a risk, the generic risk management includes how organizations manage technical, economic, legal, political, social and reputation risks, etc. Risk management requires clear vision and a strategic mindset, and be cautious of hidden pitfalls from achieving business goals.

Initiativeofriskintelligence In the face of “VUCA” reality with fierce competitions and constant disruptions, organizations across the vertical industries must have solid risk management disciplines, make objective assessments of business resilience & risk maturity; develop a set of risk management practices to improve business intelligence.

Initiateriskanalysis Change is the new normal, business leaders and professionals today must be comfortable with “VUCA” reality, envision the bigger picture, be conscious of the learning curves and hidden risks. As a matter of fact, businesses can be at risk for survival at any minute due to continuous digital disruptions or fierce competitions. How to increase organizational risk awareness and improve risk management intelligence?

Inherentapproachofriskintelligence Information exponentiality and change are the new normal, uncertainty and risk are inherent in every venture. In fact, organizations encounter more risks than ever due to over-complex business dynamics, unprecedented level of uncertainty, and complex legal regulation compliance system.