Risk Matrix To Reset Or Update Governance, Risk Management, Compliance (GRC) And IT Security Mandates
Board members, senior management and CxO and GRC Officers must develop the tools to navigate the current rather exceptional uncertainty levels. Post-Covid and Trump-era require that the global business landscape provide a collective response to accelerate globalisation, develop frameworks for digitisation, a proliferation of technology and address sustainability, climate change and biodiversity issues.
To be prepared for the post-vaccine Business as Usual mode, board members and management must address these challenges against the backdrop of the COVID-19 pandemic and further political and economic turmoil. Undoubtedly, the adverse impacts generated by these complex incidents indicate that a great-reset in corporate governance is not only necessary but required — and business leaders must be prepared to deal with it.
Organise a convincing dialogue for the response to issues. The responses vary from company to company. Therefore we have used oneliners so that each manager can customise a. rephrase and develop their own plan of actions for effective stewardship:
- Reflect on the update of the current strategy and analyse by considering the perceptions on how to achieve short-term profitability and long-term sustainable value creation and some diverse and adverse expectations that may be an impediment
- Recognise the interconnectivity of the solutions to data transformation, digitisation to ensure that IT competencies are available across the organisation with the resources, and be forthright and precise on the opportunities
- Enforce or reinforce the organisational culture building blocks that enhance the principles of inclusion, gender and racial equality, and sustanínability but promotes a high calibre of accountability
- Engage in a training and awareness exercise to prepare all stakeholders from point 1 to be ready for the future, as career development must be deeply rooted with the willingness to learn and update the competencies across the organisation with a toolbox
- Prepare a matrix that reflects the above challenges and past mistakes and ensure that competencies are available to evaluate if the management and CxO have a preparedness level.
Participate in the next Global Risk Management Day on the 11th of March 2021 and get more guidance and knowledge. https://www.copenhagencompliance.com/2021-risk-management-day/