Risk leaders' agenda
Top issues facing risk leaders today
Navigating a global pandemic equipped leaders with new skills and resources for handling risk. However, the varied nature and increasingly rapid spread of risks means leaders cannot rely on a static set of skills to guide their organizations through crisis.
Among the top issues facing risk leaders today are supply issues, environmental crises, technological disruption and demographic shifts. Instead of preparing for each category of risk in a silo, instilling organization-wide dynamism and enterprise resilience enables leaders to stay ahead of the entire risk landscape.
Risk leaders' agenda
Going forward, enterprise resilience won’t be just a hygiene factor for organizations to survive in the foreseeable future. Trust will only be won by companies that have robust resilience built into their organization.
It’s not only about getting through crises. A truly resilient organization also needs the insights and mechanisms to react to and ideally prevent potential (unknown) risks, or at least reduce their impact, and a willingness to view problems as a strategic opportunity to grow.
While building resilience and getting strategic opportunities in sight, organizations will repurpose with a new vision and focus on long-term value. Given the strategic imperative, this will require fundamental transformations for most organizations. In order to realize significant and complex business transformation, organizations will require comprehensive program risk management to attain the underlying strategic values and achieve trusted transformation
Establishing trust forms the bedrock of relationships with investors, shareholders, partners, customers, and regulatory bodies. A pivotal method to anticipate future trends involves monitoring market dynamics through a blend of internal operational data and external insights, made possible by sophisticated data analytics technology.
These foresights equip you to forecast potential scenarios, enabling timely mitigation of risks while upholding your commitment to reliability. Simultaneously, these insights serve as a litmus test for your business strategy, allowing necessary adaptations and a steadfast focus on long-term value creation. This reassures stakeholders that your organization is well-prepared to navigate forthcoming shifts successfully.
A progressive approach to internal audit, encompassing agile methodologies, digitally enhanced financial crime procedures, and automated compliance mechanisms, constitutes the framework for this evolved assurance process.