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 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.

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.

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?

As a global business, with customers and partners all over the world, we wanted to address the main topic on the minds of individuals and businesses right now – coronavirus.

Oxial is a company that has always been supportive of flexible working. Our employees can work just as effectively from other locations as they can from the office and in accordance with government stipulations and World Health Organization guidelines, all Oxial employees are now working from home.

Data security is something that most organisations would claim publicly to take extremely seriously. New regulation such as the European Union’s (EU) General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) have helped ensure that customer data privacy and security are higher on the corporate agenda than ever.

Organisations have seen the size of the fines for non-compliance with GDPR (and the size of the companies that are being fined) and also noted the potential size of CCPA fines for later in 2020. They are including such regulatory compliance in their operational risk management strategies and investing in risk management software to help mitigate this risk.