Entries by Eric Berdeaux, CEO OXIAL

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Oxial and Grant Thornton discuss operational control and its growing role as a key pillar of risk prevention – part one

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.

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Five ways in which coronavirus has impacted risk management

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.

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Coronavirus lockdown has highlighted the shortcomings of traditional GRC tools

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.

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European regulatory compliance requirements have not paused because of coronavirus !

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.

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Cybersecurity in Africa can emerge stronger from the coronavirus crisis

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.

Second Marriott International data breach suggests risk management was not a priority

It was only 18 months ago that the hotel chain Marriott International, parent company of world-renowned hotel brands such as Le Méridien and Sheraton, was subject to one of the biggest data breaches in corporate history.
Cyber criminals managed to steal the records of 339 million Marriott International guests, including personal data such as credit card details, passport numbers, addresses, phone numbers, reservation preferences and dates of birth – a major breach of data privacy.

Risk management and coronavirus – how prepared are businesses in Africa?

Oxial is a global company. We supply our IT GRC tools and enterprise risk management software to organisations all over the world and we work with some of the most knowledgeable and influential partners in Europe, Africa and the US.The elements of business that we help organisations with – cybersecurity, risk management, governance, regulatory compliance – are all global issues and it is hard to separate one from the other. That’s why the GRC software market has emerged, because these issues are so interconnected that it makes sense to manage them all using one integrated tool.

Cybersecurity challenges during the coronavirus crisis

The coronavirus crisis is already shaping up to be one of the biggest threats to businesses in living memory. Alongside the number one priority of keeping employees safe and minimising the spread of the virus, beleaguered c-suites around the world have many other challenges to consider as they evaluate their risk management strategies.

What will the impact be on the business with most of the workforce working from home? Oxial is set-up and structured to be fully operational with our teams working from home, but others might not be. Many corporate Financial Services (FS) firms still reply on personal relationships, will this still work over the phone without face-to-face contact?