Wednesday, January 18, 2023

Initiativesofriskagility

8:44 PM Pearl Zhu No comments

In business, every day is a risk, when a company embarks on a growth strategy, the risk curve will always be greater than a business as usual approaches.

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 Agility

Initiativesofriskagility In face of unprecedented opportunity and risk for organizations today, it is nevertheless true that change itself has become unpredictable and evolutionary, business leaders today can’t predict every turn or curve on the journey. There is a great deal of uncertainty and ambiguity involved in the risk management process. There are strategic risks, operational risks, and systemic risks, etc. The efforts on identifying, integrating, measuring and managing risk systematically are critical to build business advantage in the long run.

Initiativesofriskimprovement In running a business, everyday is a risk, what are the risk management blind spots? Is it because the management is too preoccupied with those nitty-gritty risks whilst losing sight on the big picture risk. Is it because the risk management program is immature and shortsighted?

Initiateriskassessment In business, every day is a risk, when a company embarks on a growth strategy, the risk curve will always be greater than a business as usual approaches. The business management needs to ponder: Is your market sector volatile or relatively stable? What are the biggest risks in risk management? How to manage risk holistically? What are crucial components of holistic enterprise risk management solutions? Etc.

Increaseriskawareness 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.

Initiativesofriskintelligence With “VUCA” digital new normal, risk management should be an integral business discipline and a crucial component of the business transformation approach. There are many out there that simply don't understand, or appreciate the benefits of risk and opportunity management.