Why Everyone At Your Company is a Risk Manager

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This is a podcast episode titled, Why Everyone At Your Company is a Risk Manager. The summary for this episode is: <p>Jason Wang, Chief Risk Officer at Synergy Credit Union, joined the financial institution&nbsp; to build out and enhance its&nbsp; enterprise risk management functions, including a disaster recovery and pandemic response framework — all just before the start of the pandemic.</p><p><br></p><p>Jason’s forethought and preparation positioned Synergy to successfully navigate COVID-19.</p><p><br></p><p>In this episode of GRC &amp; Me, Jason shares his experiences chairing Synergy’s COVID-19 Committee and discusses how to evaluate new risks that have emerged within your company in the aftermath of the pandemic. Jason also speaks to the importance of understanding Environmental Social Governance (ESG), why it’s here to stay, and what you should be doing about it.</p><p><br></p><p>Jason believes that everyone is a risk manager in your organization and provides strategies to help you create company-wide buy-in for mitigating risk and protecting your data.</p>
How COVID-19 affected the way organizations approach data privacy
04:35 MIN
10 principles of privacy
03:17 MIN
Why ESG is important to the overall risk landscape
04:29 MIN
Best practices when working with regulators
05:09 MIN


GRC Highlights 

💻 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.”

Today's Guests

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Jason Wang

|Chief Risk Officer