Risk and culture pervade all aspects of an organisation’s operations and strategy, argues Bryan Foss. In a panel discussion on Transpire Global’s Risk Faculty webinar, he considers the key connections and crossovers between risk and culture which are too often kept in silos. Key considerations in relation to the intersection of risk and culture include recent regulatory developments relating to culture, the need to create a physiologically safe work environment, and the increasing focus on the people and culture dimensions of cyber and technological risk.
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Does culture influence risk?
Often, getting traction behind culture change that supports the management of risk and, in particular, initiatives that encourage people to ‘speak up’ can be difficult. And, with inflation now a real threat to businesses, there is now a risk that culture drops to the bottom of boardroom agendas. Alex Walker, argues that the challenging environment is a great opportunity to bring people together, aligned behind a clear purpose and strategy. She says that there are two crucial elements to ensuring your team are both able to spot potential risks quickly and feel safe enough within the organisation to speak up.
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What’s going to keep you up tomorrow night?
When thinking about risk, we often focus on immediate issues rather than longer-term, emerging risks. Drawing on the discussion at the recent webinar held to mark the partnership between the Centre for Governance, Risk and Regulation at the London Institute of Banking and Finance and the Risk Coalition, Hanif Barma explains that it is worth revisiting and reviewing existing risks as today’s uncertain environment means that these may now crystallise at more rapidly, or the impact and exposures of these risks may no longer be what we originally thought them to be.
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The case for standalone risk committees
Bryan Foss says that evidence suggests that boards rarely put in place a separate risk committee where this is not required by the regulators - but argues that this is starting to change. Issues such as ESG concerns, digital technology transformations, cyber risks and other non-financial drivers are coming to the fore. These and other factors, he concludes, mean standalone board risk committees are likely to become commonplace.
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Objective-led risk management and oversight: extreme organisational agility in action?
Bryan Foss shares some of his practical experiences from his career as a non-executive director and chair of a risk and audit committee. He says a board-led strategic planning exercise, starting with purpose and objectives, are the key to effective risk governance and oversight.
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How could we have misunderstood that risk? (Perhaps we wrote it poorly!)
It is all too easy to misinterpret the key risks on a risk register, and this in turn could lead to resources being applied to developing risk mitigations that just don’t work. In today’s Risk Coalition blog, Bryan Foss suggests a practical approach to bring greater clarity and a more effective understanding of what the nature of a risk really is.
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Was 'pandemic' in your key risk list? (Honestly?)
As a result of the pandemic, businesses are changing shape dramatically. Some businesses will fail while other new ones will emerge. Factors such as home working and cashless transactions are likely to remain as must-haves for businesses in future. In this blog, Bryan Foss suggests what’s needed now is a practical assessment of whether your firm’s risk governance is effective.
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Where was the board risk committee when it counted?
Board risk committees have a key role to play in supporting their boards during this time of crisis. The Risk Coalition’s Bryan Foss asks whether they have really stepped up to the plate and whether they are doing what’s expected of them.
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