A couple years ago I listened to a presentation by speaker and author Professor Robert Wolcott of Kellogg when I attended the Digital Manufacturing Conference for the Massachusetts Institute of Technology Leaders for Global Operations. One key question Professor Wolcott asked resonated with me, “What will happen to our business when people stop buying whatever it is we are selling?” That question made me consider how companies can maintain an entrepreneurs sense of urgency and avoid resting on their laurels? How can we prevent what happened to Blockbuster, Pan Am, and Kodak, from happening to us?

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Finance transformation is critical if you want to keep up with the evolving ideas and strategies of today’s business landscape. It will revolutionise processes and systems within organisations to make them more effective, and more profitable. Cloud solutions and Software as a Service (SaaS) is one key area offering transformative results.

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Barings Bank rogue trader (1995), LTCM hedge fund failure (1998), Enron bankruptcy (2001), Parmalat accounting fraud (2003), AIG accounting scandal (2005), Lehman Brothers bankruptcy(2008), Bernie Madoff ponzi scheme (2008), Toyota unintended acceleration recalls (2009) , BP Deepwater Horizon oil spill (2010), Fukushima tsunami and nuclear accident (2011), Libor-fixing scandal (2012), JP Morgan $14.6 billion regulatory fines (2013), Rana Plaza collapse (2013), General Motors recalls (2014), Wells Fargo mortgage fees (2017) and Boeing 737 Max crashes (2018 and 2019) are a few examples of risk management failures we have witnessed over the years.

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Risks and opportunities are prevalent in today’s global economy. Organizations are constantly getting exposed to material risks (financial, strategic, operational, geopolitical, environmental, legal, compliance, etc.) yet the majority are not prepared for them.

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Risk management is an integral part of any organization. Whether be it public sector or private sector entity, large or small business, non-profit seeking or profit-seeking organization; risks still exist and need to be dealt with. Every decision or choice we make, either presents a risk or an opportunity for us. For example, as a small business wanting to improve customer service by answering queries as promptly as you can, you might choose to install a 24 hours Telephone System that answers customer queries after office hours as your solution.

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