Optimising financial processes

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Something to Consider: Digitizing Risk Management and Control Beyond COVID

Something to Consider August 2020 1

We recently hosted a session addressing digitizing financial risk management and control beyond COVID. The focus of the webcast was to understand the lessons of the COVID crisis (both positive and negative) and apply them to evolving more proactive and agile automation for risk management and control into the future.

COVID has lit a match under topics that have laid dormant on the management agenda for some time and pushed them to the top of the priority list. There is now a big focus on hastening digital transformation efforts and embracing the “post-modern” hub and spoke applications landscape to meet the needs for speed, agility and digital connectivity within our businesses. Making it a success is the next hurdle.

COVID has highlighted flaws across business processes as well as within our risk and compliance approaches, and as a result we are understanding risk better. It’s fair to say that a new risk and control landscape is coming and the need for change and the drivers for change are already making themselves known. We shared 5 Big Change Impediments that we need to navigate.

During our webcast, our polls indicated that 60% of the attendees had concerns over their risk management and control processes being fit for purpose for the post-COVID future…

But it’s not all negative. Companies such as Arlanxeo and Starbucks have achieved digitization success and shared their stories on recent webinars with us.

Hans van Nes showed a 3 cornerstone approach when it comes to risk management and control digitization.

We’ve put together a brief blog post on the main points of the webcast which you can find here. Alternatively invest 45 minutes in the webcast recording here.

Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.