With recent media attention and corporate awareness of corporate failures, such as data and privacy breaches, compliance violations, business disruptions, Board Members especially the Audit and Risk Committees, have increased their scrutiny and become more involved in governance, risk and compliance initiatives. As the business world undergoes digital transformation and adapts to new ways of conducting business, digital risk management has emerged as an essential skillset for organisations that depend on digital processes and models to operate.

Risk management is no longer just about avoiding major failures and business disruptions. A risk management strategy is not a one-time effort; it often requires a cultural shift in how an organization conducts business. Cultivating a culture of risk management, in this day and age, is not a choice for your organization anymore but critical towards the successful sustainability of the business in years to come. However, this transformation does not happen overnight.

The transformation of the risk management concept from a compliance focus to an objectives and risk-focused orientation reinforces a broader role as one of Business Risk Management. Business Risk Management represents the next evolution of the governance, risk and compliance paradigm— managing risk and making decisions (manage, accept, transfer, avoid risks) within the business; whilst Digital Risk Management is the next evolution in enterprise risk and security for organizations that increasingly rely on digital processes to run their business. These principles should guide the governance, risk and compliance (GRC) and security functions towards a sustainable program that evolves and adapts with the organization.

The end goal is to elevate both Business and Digital risk management as a business advantage—enabling your organization to meet strategic objectives with better and more predictable results through:

Boards and CEOs are now asking some questions they might not have asked before, such as: “How are we going to drive innovation and enhancing governance oversight?” or “Are we managing our risk exposures and actually meeting all of our regulatory and compliance requirements?”. Siloes will make answering these questions extremely difficult. It isn’t just about protecting the companies’ assets anymore.

The 3rd line of defence plays an imperative role to provide the oversight through an audit function and ensure your company is monitoring the most impactful risks and resilient against emerging risks be it digital or otherwise…

CPD Hours : 2

SID Corporate Member may utilise their complimentary vouchers.