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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?


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.


Thank you for joining me on this episode of THE HUMAN FACTOR – Corporate Integrity Matters.

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