4 March 2020
In our video series, Robb Eadie, Global Chief Risk Officer, BHP and Kevin Smout, KPMG Partner Risk Strategy & Technology and Global Leader for Governance, Risk & Assurance Services discuss various aspects of risk management from how it has changed over the years to what organisations should be considering when thinking about organisational culture, scenario planning and gaining insights from rich data.
Helping build sustainable businesses
Robb Eadie and Kevin Smout discuss what good risk management looks like – its evolution, what has changed, executives and board responsibilities especially in relation to risk appetite and building sustainable businesses.
Culture and scenario planning
Robb Eadie and Kevin Smout discuss organisational culture and the importance of scenarios planning. Key questions explored were: why is culture important; how can an organisation articulate and measure it; what role does setting risk appetite play?
Insights from big data
Robb Eadie and Kevin Smout discuss our data rich world. Much rich data exists and it's important for organisations to understand which data is of value and importantly, having the competence, capability and systems in place to allow for rapid and simple access to the data. Without the system and data there’s a degree of limitation in what organisations can do.
Lines of defence working together
Robb Eadie and Kevin Smout discuss how all the lines of defence should work together. Having integration of the second line with the third line such that having reliable and robust second line activities allows the 3rd line to reduce its footprint on the first line. This allows the first line to concentrate on running their business. The second and third lines working closely together can give an integrated view to the board, executives and senior management that risks are well managed.