The impact of the current coronavirus pandemic has already been huge. It has changed the entire world around us, for individuals, governments and businesses alike, and its impact will no doubt be felt for many years to come.
Even as countries around the world begin to tentatively emerge from lockdown, the effect on the wider economy is yet to be ascertained. We are collectively and individually facing economic hardship, with governments having to help businesses come through this crisis but also find the money to provide that help.

CEOs, COOs and the rest of the c-suite will always talk a good game when it comes to operational risk management and how their organisation manages, mitigates and prioritises risk. They know that risk is everywhere in 2020 and broadly speaking, they are prepared to invest in the risk management software that is required to manage risk effectively.
Yet how seriously does the average c-suite in a mid-sized or larger business, really take risk management? For many organisations, operational risk management is still perceived as a somewhat defensive business function, there to prevent bad events from impacting the company more than it has to.

With much of the world still in differing stages of lockdown because of the coronavirus pandemic, it is easy to feel like much of the business world is on pause. People are working remotely, they are not as connected as they usually are and it can be hard to see the bigger picture when people are concentrating on keeping families safes and just getting through the working day.

Risk mapping, or risk modelling, is an essential part of any modern risk management strategy. Any organisation using enterprise risk management software or IT GRC tools would be widely advised to use a solution that has strong risk mapping functionality.

AI is currently largely integrated into the production processes of products/services. Its adoption is not in question. While functional and economic benefits are considered, the impact on employees is not discussed. In 2018, we conducted 62 semi-directive interviews with employees working in French-speaking Switzerland.

We wrote recently about the impact that coronavirus is having on Africa. As a company with its headquarters in Switzerland and with offices and customers across the rest of Europe, it would be easy to have a Euro-centric view of this current crisis.
But Oxial has a strong presence in Africa, with offices in Morocco and customers and partners throughout the continent. It is important to recognise the global reach of coronavirus and to acknowledge the fantastic efforts by scientists, healthcare providers and businesses all over the world in combatting the spread of this virus and caring for the affected.

It stands to reason that bigger organisations have more resources than mid-market firms. They have bigger budgets for different business functions, such as marketing, IT or compliance, and can employ more people to work in those functions.

They can also afford to equip those employees with the best and most effective technologies, such as the latest GRC tools for the compliance team. It’s easy then, for mid-market firms to feel that it is hard to compete with larger organisations. They don’t have the same resources with which to approach certain business tasks, so why should they try and make it a priority?

The variety and volume of risks and threats facing businesses in 2019 is greater than it has ever been. It can feel like there is risk at every turn for some organisations, which explains why we have seen the emergence and rise of the Chief Risk Officer and also why businesses have started to invest so heavily in enterprise risk management software.

A recent report by Transparency Market Research, predicted that the global enterprise risk management market will reach US$ 5.8 bn through 2027, a significant increase from the US$ 3.9 bn it is in 2019. It really is no surprise to see such market growth, given the complexity and severity of the threats facing businesses – organisations need the best risk management tools to protect themselves and to get the best balance between risk and reward.

One of the great skills or attributes for anyone in business to have, is a sense of how best to balance risk vs reward. Few organisations thrive by playing it safe and there is more pressure now than ever to be disruptive, innovative and game-changing.
But to be disruptive requires taking risks and while the rewards are great if this works out, it can also be very damaging to a business if the risk does not pay off. Some business people have an instinctive and intuitive understanding of risk, seemingly always knowing at what price they should sell, or which company they should partner with.

With more and more organisations turning to GRC solutions or GRC tools to ensure the business stays compliant, is well-governed and manages risk effectively it is clear that the GRC industry is established and here to stay.
There are many GRC software vendors offering an array of GRC software solutions, enough to meet a variety of different requirements in different industries. But working out exactly which GRC software vendor to work with is a challenge and poses many questions for the organisation that is looking.