“It isn’t just about cost. It’s about value, and creating a resilient business.”
Michelle Griffey, Chief Risk Officer at Communisis, discusses using risk as an improvement tool to create a resilient business with Jeremy Swinfen Green.
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When moving into this new way of working, so, you as a risk professional, you’re also looking for opportunities, of course. You see the side of the negative risk, if you like. It’s the other side of potential damage. What opportunities do you see for organisations in this new world?
I think, and I hope it will change a focus from purely being cost driven. I think there’s been a very much focus on actually, it’s really important practise to make as much money as we can across all business. Not just us. And obviously, our clients in this space. So let’s reduce the cost and actually to start looking on value.
And I think the opportunity here is we can start to use COVID to flip that dial and say, well, it isn’t just about cost. It’s about value. And in that respect, I mean, about creating a resilient business. And a business that actually looks at the opportunities across the piece and says, what are my risks? But uses those, what could go wrong?
Say, well, actually, let’s resolve this. Let’s use even the lean practises. Let’s use risk as an improvement tool, not as a tool to stop people doing things but as an enabler to focus the investment in the right place, to create a much more resilient business. All of the regulators are out there saying, you’ve got to be resilient.
You’ve got to be able to get through this. And I think those companies that had plans in place, even if they didn’t work brilliantly, I mean, how many of us out there had a pandemic plan that actually was really a pandemic plan? It really didn’t quite see take into account that the whole world was going to be impacted at the same time and countries would go into lockdown. That just wasn’t foreseen.
But those companies that have got really strong risk mitigation processes but use them to improve and use them to create resilience, then they create trust. And when you start creating trust, you start to see the value.
So I’m hoping that people will start to think and companies will start to think, well, actually, people are important things. Controls are important things. But ultimately, all we’re doing is to protect the end customer or whatever it was we’re trying to deliver. And we must start looking at where we get the value in out of that.