A volatile and frenetic external environment is driving seismic changes in the way that business leaders approach ongoing organisational priorities. And nowhere is this more apparent than in the risk and performance management space. This was a core take-away message from the recent Vero Screening and Accurate Background ‘Navigating the Changing World of Work’ event, moderated by Accurate CRO Dan Shoemaker (pictured above). And below are the five drivers of future progress:
- Fraud risks are on the rise – in the words of Gavin Tagg, SVP Associate General Counsel at Accurate Background/Vero Screening: “With fraud techniques constantly evolving and becoming more sophisticated, effective preventative measures are more important than ever.” This includes identifying fraudulent candidates during the recruitment process, which shines a light on the importance of leading-edge screening and vetting procedures.
- Potential reputational damage is front of mind – A recent McKinsey survey of Chief Risk Officers in the financial services sector flagged potential reputational damage as one of the top three risks, alongside economic and customer-related challenges. Nurturing strong governance and an inclusive and open culture mitigates risk in these areas. Speaking at the ‘Navigating Change’ event, John Hayes, Managing Partner at Constantine Law, flagged the recent investigation into sexual harassment and culture toxicity at the Confederation of British Industry (CBI) as a stark reminder of how quickly reputation can unravel.
- We can mitigate performance risk – the way that we measure performance will continue to evolve in this brave new world of hybrid and home working. For some roles, the focus will increasingly shift from hours worked to the outcomes and work packages that employees deliver. Innovative approaches to evaluating and enhancing both individual and collective performance are at the forefront of managing performance risk at an organisational level. They also hold the key to the success of national-level initiatives to boost productivity and global competitiveness.
- Trusted partnerships boost peace of mind – according to the International Institute for Management Development (IMD), relationship-building is one of the most important leadership skills. And one way to mitigate risk is to build partnerships with experts in specific fields. Natasha Chell, Partner and Head of Risk and Compliance at Laura Devine Immigration, provided a good example of this the ‘Navigating Change’ event. She underlined the role of trusted immigration partners in helping employers manage international recruitment activities that are fraught with both legal and operational risk.
- Political change creates new risks – managing risk involves pre-empting potential evolutions in the external environment, including political change that can bring with it a risk of unhelpful regulatory offerings and populist policies. The business community in the UK – and in all parts of the world – needs to be on the front foot and working with government to help shape a legal framework that reflects the realities of a 21st century world of work.
Developing new approaches to risk management has been one of the legacies of the global pandemic and subsequent economic turbulence. One area of absolute consensus is that regular exchanges with peers and subject matter experts is a great ways of honing risk strategies, driving innovation and pre-empting new threats and challenges – the Accurate Background ‘Navigating Change’ event provided an opportunity to do just that.
Tom Hadley is an independent workforce and campaigns consultant working with the International Labour Organization (ILO) and employers across the globe. Tom used a bespoke version of his ‘Mega-Trends, Micro-Lens’ keynote talk to set the scene at the Accurate Background event and will relay further feedback and insight through the ‘Navigating Change’ blog series.
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