Fasten your seatbelts – we’re in for a bumpy ride.
Between Brexit, terrorist attacks and the US presidential election, 2016 was a year of turbulence. Organisations can’t afford to ignore their risks; the consequences are splashed across the front pages of national and global news distributors every day.
To ensure a safe flight in 2017, your organisation needs to recognise the costs of the financial, brand and reputational damages associated with:
- data breaches
- economic and political instability.
If this year’s events have taught us anything, it’s that business costs could be far worse than the initial forecast – it’s not a matter of ‘if’ you’ll hit turbulence, but ‘when’.
What’s on the radar for 2017 workplace risks?
Predicting and understanding the risks on your organisation’s radar – and when to take action – will determine how smooth your flight is. The year 2017 is shaping up to be a little bumpier than the last couple of years, so while operational risks are still incurring excess baggage costs, strategic risks should be checked in as a top priority.
Get it under control.
‘Disruptive innovations’ in the business world can play on executives’ minds, putting extra pressure on organisations to get it right the first time. The C-suite are often under the pump to keep up the pace and to manage risks in a meaningful and strategic way. Awareness of emerging risks can strengthen your organisation – not only does it make you more agile, but it can also allow you to seize on potential opportunities headed your way.
Don’t get caught in the dark.
Did somebody leave the overhead lights on? Regulators shining a spotlight on us, or introducing new regulations, can keep us awake at night. The good news is, this isn’t a new risk – but that doesn’t mean you should shut your eyes. What an organisation does to track and respond to regulatory changes can be the very thing that separates first class from economy.
Everyone on this flight’s a target.
It should come as no surprise that cyber threats are number one on the operational risks list. Cyber-attacks are a real danger across most industry sectors, and it doesn’t matter the size of your organisation – big or small, we’re all at risk. Data protection should be a top priority for CEOs, executives and directors.
Don’t forget the essentials.
Organisations need to regularly review their internal policies. In the past 12 months, businesses and regulators have focused on fostering a positive ‘organisational culture’. Despite this, there’s been a few avoidable stop-overs on this year’s flight:
- Compliance training is still getting lost when it comes to identifying and escalating strategic and operational risks. Help your C-suite get the message right – compliance applies to all levels of an organisation.
- Attracting and retaining staff who are skilled and appropriate for your organisation is no easy task. A high staff turnover can also present significant financial risks for small organisations – not all organisations are equipped to deal with it. Increase retention by having a better understanding of why people are gravitating towards your workplace over others, and let this guide you toward best-practice onboarding, employee remuneration and benefit programs.
- Understanding the behaviour and attitudes of your customers should drive your organisation’s business customer strategy. Remember: without customers, there’s no business.