Disruption: The new frontier for governance and risk professionals
In times of digital disruption, technology is transforming industries at an unprecedented pace. There is no more old and new economy, everything is new, everything is re-invented. Governance is more important and more challenging than ever before, as it has to satisfy multiple stakeholders from regulators, to customers, to shareholders and the community at large. Governance could even become disrupted itself.
At the Corporate Governance Forum 2017 in Sydney, I will present on what makes good governance in the 21st century and how an organisation can best equip itself to deliver it.
A successful organisation is one that moves away from complex organisational structures and lengthy administrative processes and constantly rethinks and learns best practice in governance. It is about up-skilling, about finding the best talent in the market and experimenting with forever changing and sophisticated technology.
The faster the pace of change, the more governance is not so much about doing all things right but more about doing the right thing. Successful organisations are the ones that create the necessary transparency and empower their members to make the right decision. At Tyro, we foster transparency and use state of the art technology to enable all staff members to make the right decisions.
Imagine a world where open data, open APIs, smart algorithms and monitoring of behaviour patterns can alert you to emerging risks within an organisation. Good governance is not about controlling people but about empowering them to make the right decision.
To ensure good governance, boards and executives must be vigilant about the need for specific skill sets and have diversity and renewal at both the board and executive team levels. At Tyro, we make it abundantly clear that we are about fair and transparent banking and risk management is at the top of our agenda and it must be aligned with our organisation’s risk appetite.
Whether you see your enterprise as a disruptor or as being disrupted, you should familiarise yourself with new technological possibilities, cyber security challenges and changing regulatory frameworks to inform yourself of new risk management and compliance obligations that could affect your organisation. For professionals in the governance industry, it is an exciting time because they are in high demand and need to stay ahead of the game.
Throughout the Forum, we will be exploring all the dramatic changes occurring and how organisations need to constantly rethink and engage in good governance.
Download the program for Corporate Governance Forum 2017 in your state.