Why Everyone At Your Company is a Risk Manager
💻 Environmental Social Governance looks at double materiality, the outward and inward risk of an organization’s footprint on environmental and societal issues. How your company contributes to environmental and societal concerns is just as important as preparing for how these issues could affect your company.
💻 Don’t let the long timelines fool you. As countries pledge to become net-zero by 2050 and beyond, governments will begin to develop compliance regulations. Be prepared for the impact these regulations will have on your company. Jason says, “People think 2050 is decades away, but it’s moving fast.” He also warns that ESG is not a fad. It’s here to stay.
💻 Regulations are not always a bad thing. Industry leaders need to build strong relationships with regulators so that organizations can remain competitive and innovative while still meeting restrictions. Regulations should have key principles and intentions, but be less prescriptive.
💻 COVID-19 has disrupted how businesses operate, which means that you need to change how you approach GRC. Be sure to look at how the pandemic has influenced employee privacy issues and manual impact issues as businesses implement new systems and processes for employees working remotely.
💻 Risk Management is a company-wide endeavor. Jason recommends emphasizing the three lines of defense (front line workers, risk management, and internal audits) to help your employees understand that they, too, are included in compliance and risk prevention efforts. Jason says, “Remember, everyone is a risk manager … and everyone is accountable.”