Managements need to proactively identify, quantify, and respond to risks such as supply chain and geopolitical risks, says KPMG Singapore’s Head of Advisory .
Although much has been said about the value of good corporate governance practices, some directors may still view this as a checkbox exercise. Instilling a balanced risk culture within the organisation, given the nature, scale, and complexity of risks today, without being too conservative, and without stifling creativity and innovation.
The pandemic has certainly upended everything, including norms we used to hold true. Some examples that come to mind: Investors are increasingly using Environmental, Social, and Governance factors to evaluate companies’ material risks and growth opportunities. Societal expectations of business have changed significantly. The way in which business leaders and companies took care of their staff during the COVID-19 pandemic were crucible moments, leaving an indelible impact on stakeholders.
Likewise, having quickly pivoted to remote work, many workers have grown accustomed to its convenience and flexibility and are keen to continue working remotely in some capacity. Whilst this has added efficiency and increased the happiness of staff, such arrangements also have their issues.