Top risks: Regulatory risk
Increasingly, regulation means you need to be able to see at any point in time that your upstream and downstream partners, your entire value chain, are taking steps to make sure that there’s no human rights or governance or social issues. You cannot possibly monitor that unless you’re using digital tools. It’s just impossible. It is a challenge to GRC tools with existing processes. For example, publicly listed companies in the US have channels for people to report concerns, how do you link your concerns coming in from employees and third parties with your GRC?
Public health policies and regulations will have an impact that is very hard to predict. COVID will be with us for a long time, so that has an impact in terms of making sure that offices are cleaned, ventilated, socially distanced etc. There will be an increased focus on health in relation to the pandemic, and also its knock on effects, like mental health. Andrew Allner, Non-Executive Chairman, SIG plc, Shepherd Building Group Limited and Fox Marble Holdings plc
Most respondents feel it is too early to know what the long-term implications of COVID will be on the public health regulatory environment. Organisations have successfully addressed the short-term challenges and are keeping a careful eye on how the pandemic will influence public health policy and what that will mean for their risk management frameworks. It is, however, widely accepted that COVID may be a live agenda item for many years to come. I think if you talk to me in three years, COVID will still be within the top five risks that companies have to manage. Shaun Johnson, Vice President – Legal, Miahona, Saudi Arabia GRC (governance, risk management, and compliance) technology is becoming an increasingly important tool to manage regulatory complexity, and, for some, it is essential.
Legal Director, Government, UK
COVID won’t be the last pandemic.
Chief Ethics and Compliance Officer, FMCG, USA
General Counsel, Engineering/Construction, South Korea
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