Digitising risk and compliance

Much of our life has gone digital, so why aren’t we digitising risk and compliance?

We can sometimes take for granted how much of our lives have been digitised. For example my morning routine often sees me prepare multiple lunch boxes and breakfasts while listening to my favourite radio station on my DAB radio. I then read the morning news and catch up on Linkedin updates on my smart phone while eating breakfast. Once at work I open my email and unified communication tools and my dispersed team begin to collaborate. The team begin work by reviewing the data collected from multiple sources such as customer requests, trends and performance against KPIs . To sum up, our personal and professional lives have been digitised. So why aren’t we digitising risk and compliance?

The truth is the need hasn’t really existed till now, the “old ways” were sufficient. Auditors carrying out traditional audits proved processes existed and were probably being followed. Until now this was typically enough to prove compliance to clause in standards, governance or business objectives.

So what has changed?

In today’s world of compliance, the ticked box approach is not enough. Senior Managers and Certification Regime (SMCR) expects senior managers and business leaders to understand the corporate culture of their businesses. After all, its the culture of the organisation that generates the opportunities and creates the risks, not the written down processes.

Managers are expected to identify compliance and conduct risks as they emerge from the corporate culture before they became a reality. However, “old ways” are not capable of achieving this. They are backward looking, they focus on what has happened, not what could happen.

The risk and compliance digital revolution

Digitising risk and compliance solutions is a growing priority for many businesses. However, these solutions must fulfil a number of requirements. Firstly solutions need to enable mass auditing of both internal and external stakeholders. Customers, suppliers and other external parties are often over looked, but who else is likely to be less bias? Secondly, hidden scoring algorithms enable qualitative data to be quantified. We need to remove the bias of value judgements and simply focus on the experiences.

Reporting needs to insightful and accessible in real time. Senior managers require simpler and more effective reporting using dashboards which measure results against multiple reporting groups, business objectives & compliance requirements. It is their responsibility to recognise risks and opportunities before they emerge. The utopia is to carry out fewer audits that prove compliance across a range of reporting groups, reducing time and costs.

HPO Clearview trial
HPO Clearview Demonstration

To this end we have developed HPO Clearview. Its an enhanced audit and assessment method and via a cloud-based platform that measures corporate culture.  It uses blockchain technology to audit the crowd to remove value judgements and report data across a range of reporting groups. Therefore making visible what is often invisible so that risks can be managed.

For a online demonstration or more information please visit www.hporisksolutions.com, follow us Twitter, Linkedin and YouTube.

Compliance, Corporate culture and senior management

Compliance – Senior Managers Competence Regime (SMCR), why it affects us all?

SMCR outlines a set of responsibilities and conduct risks.  Ultimately this leads to the conclusion that the only way Senior Managers of Financial Service organisations can demonstrate their compliance is to measure the corporate culture they are responsible for managing.  This set of requirements is being rolled out throughout 2019.

At the same time private sector organisations have a new set of compliance requirements to meet.  The Wates corporate governance requirements provide a framework within which larger private sector companies manage their businesses.  A significant shift in corporate reporting with two principles standing out:

1. Purpose and Leadership – including the monitoring of corporate culture.

2. Opportunity and risk – including risk management frameworks with a view on long term sustainability, risks that affect stakeholder needs, external and internal risk.

The Impact

Both SMCR and new Corporate Reporting requirements have at their heart the need to monitor culture.  This means that organisations need to have effective methods in place to identify where compliance and conduct risks are emerging from the corporate culture and that these risks are being managed and reported before they become a reality.

Once the risk emerges and appears on KPIs, audit reports and surveys it is too late and management can only manage the consequences.

Is the Financial Sector and larger private sector organisations alone?

No, ISO standards and H&S requirements for example are all heading in the same direction – monitor corporate culture and understand the risk this poses, so change is not optional for any of us.

The conclusion

Consequently, the traditional audit and assessment methods that continue to be used are not effective enough on their own.  These must change.

HPO Clearview uses an enhanced audit and assessment method and via a cloud-based platform measures that culture.  Making visible what is often invisible so that risks can be managed. 

HPO Clearview trial
HPO Clearview Demonstration

Behavioural indicators / outcomes are forward looking risk indicators.  Audit reports, results, surveys and KPIs are backward looking, no matter how much big data is collected they are not truly predictive. 

HPO Clearview is the perfect tool for helping you audit risk, compliance, performance & corporate culture with confidence.  For more information please visit www.hporisksolutions.com, follow us Twitter, Linkedin and YouTube.

Health & safety checks, how do we ensure these are carried out

How health & safety auditing can be improved by HPO Clearview

The Challenge

Lets consider the needs and challenges of businesses carrying out health and safety inspections and why several have asked if HPO Clearview is suitable tool to help.

The Health & Safety of employees and work environments is very important to business performance and regulatory compliance.  Physical injury, events that threaten business continuity and creating a valued work force they are valued all require proper health & safety checks.

The effectiveness of health and safety checks are at risk from a number of challenges.

Cost – often these audits are the responsibility of the facilities or the health & safety team.  These teams are not always located in every satellite office and need to travel the country to carry out audits, incurring costs such as travel, accommodation and expenses.

Lack of consistency – Ensuring consistency across a team of people can be challenging, if audits are being carried out by non-skilled site staff  across multiple sites its almost impossible for the business to be 100% confident with any audit result presented to them.  Home working just makes the situation worse.

Multiple Locations – Satellites offices and home working are examples of the new flexible working environments businesses are creating. These create challenges for health & safety audits.

The solution – HPO Clearview

These are just some of reasons businesses are turning to HPO Clearview as a viable inspection tool because it offers businesses the following benefits;

Reduce costs – Reduce the need for travel by having Employees that carry out online assessments .  The assessments have the built in expertise.

Improved consistency – We use statements and responses to capture what the user is experiencing.  We don’t ask questions or ask participants to make value judgements that they are unable to answer.  Inbuilt subject matter intelligence reduces the risk of inconsistencies and need for training.

Assessments can be carried out by multiple people simultaneously, enabling benchmarking to pinpoint risks .

HPO Clearview trial
HPO Clearview

Sign posts areas of risk – Results are bench marked against compliance groups automatically and communicated to stakeholders in real time for review.  This allows auditors and facility managers to target areas of risk quickly and effectively.

HPO Clearview is the perfect tool for helping you audit risk, compliance, performance & corporate culture with confidence.  For more information please visit www.hporisksolutions.com, follow us Twitter, Linkedin and YouTube.

Supply chain management auditing the risk

An article exploring the assessment of conduct risk, operational risk and compliance to enable supply chain management. This uses blockchain technology to include everyone in the supply chain and expose risk to overall chain performance management objectives.

HPO Clearview trial

To view the article click here

HPO Clearview is the perfect tool for helping you audit risk, compliance, performance & corporate culture with confidence.  For more information please visit www.hporisksolutions.com, follow us Twitter, Linkedin and YouTube.

People & competence management audit case study

A real example of how HPO Clearview uncovered risk of non-compliance in a people & competence management process

A case study showing the audit and assessment of a corporate culture to identify conduct risk and operational risk against a number of business and compliance outcomes. In this case people and competence management .  Find out what our customer’s challenges were and what they experienced from using HPO Clearview.

HPO Clearview trial
HPO Clearview

To download click here

HPO Clearview is the perfect tool for helping you audit risk, compliance, performance & corporate culture with confidence.  For more information please visit www.hporisksolutions.com, follow us Twitter, Linkedin and YouTube.