Internal auditors are often considered to be the eyes and ears of the non-executives, particularly those on audit or risk committees. In the current environment, when uncertainty rules and oversight is more difficult, Internal Audit should be standing back and doing what they do best – listening, observing, and providing objective advice and insight. David Alexander says there are three key areas of focus for Internal Audit today: flexibility, relevance, and collaboration.
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A view from the Second Line: how risk governance needs to change after Covid-19
Paul Howard, an experienced senior risk professional, sets out a Second Line view of how the approach to risk management and risk oversight needs to change in future, in the light of the learnings from the Covid-19 pandemic so far. In this blog, he draws on his contribution to a panel discussion at a webinar hosted by The London Institute of Banking and Finance on 3 September 2020.
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A view from the First Line: how risk governance needs to change after Covid-19
Drawing on her over 25 years experience in financial services, Cosette Reczek discusses her First Line view of how the approach to risk management and risk oversight needs to change in future, learning the lessons from the Covid-19 pandemic. She draws on her contributions to a panel discussion at a webinar hosted by The London Institute of Banking and Finance on 3 September 2020.
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Cognitive diversity (what’s that?) – and its value to risk oversight and risk management
Bryan Foss met with Dr Roger Miles two discuss his work with UK Finance and the FCA. Roger’s work focuses on developing diversity within financial services, specifically related to improving risk and governance accountability and outcomes under SMCR. Roger explains why cognitive diversity the key to better risk oversight and challenge.
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How culture impacts risk
Toxic cultures have recently been at the heart of some of our biggest corporate scandals and yet many organisations are still not putting culture high on the agenda when looking to identify or manage risk. In today’s Risk Coalition blog, Alex Walker discusses the 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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Guess who’s back?
Though Covid-19 is still dominating the headlines, cyber risk has never been far away. In today’s Risk Coalition blog, Chris Burt explains that board risk committee members need a frame of reference so that they can understand the key cyber issues and enable the exploration of a range of cyber scenarios.
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Raising the Bar – a regulator’s perspective
The Risk Coalition spoke to Martin Stewart, previously a senior supervisor at the Prudential Regulation Authority, about our guidance, Raising the Bar. He tells us why he likes it, saying it provides an excellent framework for board risk committee chairs and for chief risk officers to work from.
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Moving from risk to resilience
Resilience is part of the new business language, explains Carolyn Clarke in today’s Risk Coalition blog. With the new normal for organisations emerging from the crisis, it has become evident that risk and resilience exist side by side. She sets out how boards and their organisations now need to respond.
Read MoreSome COVID-19 lessons for Risk Management and Internal Audit
In today’s blog from the Risk Coalition, Hervé Geny and Christian Thurow, reflect on some of the lessons there are to be learned so far from the Covid-19 pandemic, now that we are past the 100-day mark since lockdown initially began and as measures begin to ease. They look at the lessons from three perspectives: resiliency, the risk management process and the internal audit process.
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Is aggressive tax avoidance a risky game to play?
Potentially lucrative in the short term, aggressive tax strategies carry considerable legal, financial and reputational risks that can have widespread implications in the longer term. In today’s Risk Coalition blog, Rafal Budzinski explains the implications for boards and their risk committees.
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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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The FS Code for risk teams – why Internal Audit should welcome the Risk Coalition’s guidance
David Alexander, a highly experienced former Chief Internal Auditor, discusses the Risk Coalition’s guidance and explains why he sees it being very important for internal auditors. He argues that a major benefit for internal audit is that Raising The Bar finally gives internal auditors a clearer, and maybe even a model, framework to audit risk against.
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How to hire a great Chief Risk Officer
The pandemic has emphasised the need for organisations’ CROs to be of the right stature and to bring the right qualities. Alex Hindson, CRO of ArgoGlobal, sets out what he sees are the key attributes of a CRO today.
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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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Greta Expectations! (with apologies to C Dickens)
With the impact of the Covid-19 pandemic now featuring in the headlines everyday, Peter Neville Lewis provides a timely reminder that climate risk is as important as it was a few months ago.
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Strategy roulette - achieving the right outcomes
The evaluation of risk should be at the heart of strategic decision making, but often it isn’t. Jamie MacAlistair explains that defining risk as the variability of possible outcomes means we are considering both sides of the equation and can avoid missed opportunities.
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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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