Strengthening GRC: what the C-Suite needs to know about emerging risks, value creation and impact
28 May - 10.00 am EDT | 3.00 pm BST | 4.00 pm CEST
The current health and economic crises caused by the COVID-19 pandemic is shedding a necessary spotlight on the need for effective management of emerging risks.
As Will Weerts, Partner at EY, highlighted during the conversation, effective risk management depends on data-driven approaches that allow us to monitor the external landscape and focus on the risks that matter.
"Firms today are more exposed to broader and more complex risks which behave differently from traditional operational risks. Scouting on Google is not enough anymore. Digital solutions like Datamaran bring back the added value of risk management."
Will Weerts - Partner, EY
What appears financially immaterial today can quickly prove to be business-critical tomorrow.
Investors, regulators, and social organizations asking tougher questions more frequently. In this webinar to the C-suite and board members, the need for decision-useful insights has become business-critical. Using the words of Michael Torrance, Chief Sustainability Officer at BMO:
"Having reliable data is critical to develop decision-useful information, and to understand what is important to your stakeholders and how this changes. Datamaran helps us in this process."
Michael Torrance - Chief Sustainability Officer, BMO
Watch our live panel to practical ways to strengthen GRC in a time of crisis.
Upskill your team
We explored new forms of external risks, and discussed how technology can help the C-Suite:
CFOs in particular have an expanded role to play. They and their teams need to account for the financial impacts of risks presented by climate change, pandemics, and more, and must consider different scenarios to ensure viability in the short- and long-term.
Watch the webinar to learn how to stay in control.
Relevant resources for CFOs
The A4S - CFO Leadership Network has just released an essential guide to Management Information (MI). The framework proposed in the document provides guidance on how to develop an MI framework that considers social and environmental factors. A4S also released additional guidance on how to apply this framework.
How is the external risk landscape changing?
Business leaders need to view their organization’s strategy in the now, next, and beyond. This requires insightful reporting on emerging and existential risks, based on external data that offers a wider perspective. Without this, decision-makers can find themselves making important decisions without all the relevant information.
This is especially relevant in the age of COVID-19, where issues related to governance practices, environmental impacts, and societal considerations are taking precedence. And for good reason.
In the current global situation, investors have noticed the relative resilience of ESG funds compared to their non-ESG counterparts. This will only accelerate the already exponential growth in demand for such investments and, by extension, the data underlying them.
Now, more than ever, corporate executives and boards need to frequently monitor the external risk landscape to ensure that their risk operating model is fit for purpose.