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The Human Factor - Sonja Stirnimann 18th May 2021
011 - There is no vaccination to the risk of fraud
00:00:00 00:15:12

011 - There is no vaccination to the risk of fraud

Risks are managed differently. Some of them can be managed by a vaccination. Others not.

Fraud, economic crime, cyber-attacks, and non-compliance are risks which are not possible to be managed by a vaccination.

For the time being….

Board of directors are not only responsible for overseeing management strategy, but also, for their risks management which is significant in these fast-evolving times – especially under the actual circumstances of the global crisis.

The Pharma industry produces the vaccination against COVID-19.

All great. For cyber-, non-compliance and fraud-risks there will never be a vaccination.

Nor are we ever becoming immune to these risks! And that needs to be considered in our responsibilities. Immunity will never be achieved.

Keep your own risk-intelligence in mind when I lead you through the following different key areas to focus on

-       Risk DNA

-       Competition

-       Expectation

Combining the understanding of

-       the Risk DNA with

-       the potential competitive advantage and

-       fulfilling the expectation of the shareholdings and stakeholders

might sounds to be a huge challenge but can be started with the three questions for reflection

-       How are we internally categorize the different risk to ensure specific risk DNA?

-       What are the competition drivers within our organisation and how do they impact the risk landscape?

-       How do fulfil the expectations regarding the mentioned risk?

EPISODES' REFLECTION

How could the governance look like taking the critical risk of fraud, non-compliance and cyber at a level higher and treat it more strategically?

Business models change rapidly and the pressure to keep up to speed increases too.

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