Wednesday, December 27, 2017

What will the top business risks be in 2018?

Board members across all industries perceive a much riskier environment in 2018 relative to 2017, according to the results of the sixth annual ‘Executive Perspectives on Top Risks Survey’ conducted by global consulting firm Protiviti and the Enterprise Risk Management (ERM) Initiative in the North Carolina State University Poole College of Management.
“Disruption and digital transformation are taking place across all industries and threatening core business models,” said Pat Scott, an executive vice president with Protiviti. “It’s clear from our latest survey that there has been a major shift in the top concerns for organizations. 
“It’s no longer a question of if digital will upend your business, but when,” said Jim DeLoach, a Protiviti managing director. “While a number of organizations already have digital strategies in place, digital transformation needs to become entrenched as a core part of the organization to ensure that companies are able to embrace disruptive change in the current business environment. This risk plus heightened concerns regarding resistance to change create a formidable challenge to executives and directors. Leaders know that failure to keep up with the rapid pace of change can place an organization in the position of becoming captive to events rather than charting its own course.”

The top 10 risks for 2018

The top 10 risks identified in the Executive Perspectives on Top Risks for 2018 report are:
  • Rapid speed of disruptive innovations and/or new technologies may outpace our organization’s ability to compete and/or manage the risk appropriately, without making significant changes to our business model.
  • Resistance to change may restrict our organization from making necessary adjustments to the business model and core operations.
  • Our organization may not be sufficiently prepared to manage cyber threats.
  • Regulatory changes and regulatory scrutiny may heighten.
  • Our organization’s culture may not sufficiently encourage the timely identification and escalation of risk issues.
  • Our organization’s succession challenges and ability to attract and retain top talent may limit our ability to achieve operational targets.
  • Ensuring privacy/identity management and information security/system protection may require significant resources for us.
  • Economic conditions in the markets we currently serve may significantly restrict growth opportunities.
  • Inability to utilize data analytics and big data to achieve market intelligence and increase productivity and efficiency may significantly affect our management of core operations and strategic plans.
  • Our existing operations may not be able to meet performance expectations related to quality, time to market, cost and innovation, as well as our competitors, especially new competitors that are ‘born digital’ and with a low cost base for their operations.
“In light of the shifting risk landscape, it’s particularly interesting to observe an increasing concern among survey respondents that their organization’s culture may not sufficiently encourage the timely identification and escalation of risk issues to senior management and the board,” said Dr. Mark Beasley, Deloitte Professor of Enterprise Risk Management and director of NC State’s ERM Initiative. “As boards of directors and senior executives seek to improve their understanding of emerging risk issues, they may need to re-evaluate how their organization’s culture might be impacting the robustness and transparency of their risk identification and risk reporting efforts,” added Beasley.
The Executive Perspectives on Top Risks for 2018 survey was conducted in the fall of 2017, and respondents represent both US-based and non-US-based organizations across public and private sectors. The survey report also provides detailed insights broken out by size and type of company, respondent role and industry.


Monday, December 18, 2017

How companies can prepare for changing family leave requirements

The current patchwork of state mandates present a challenge for employers striving to treat their  workforce consistently where leave is concerned. Policies can be inconsistent from state to state. Is there a better approach? 
Now the leave landscape shifts again with New York State poised to implement the most generous paid family leave policy of all. If this is the final, necessary nudge toward something more universal, how should employers without paid leave begin preparing?
Your 5-Step checklist toward paid family leave: 
  1. Research — Understand the current legal and regulatory landscape and trends in time-off and parental leave programs
  2. Develop objectives and options for consideration
    • Involve the right people — including legal and finance — in setting objectives for potential policy changes
    •  Determine options that can align with those objectives
  3.  Evaluate the policy change options across key areas of impact
    • Impact to existing employees
    • Impact on attractiveness of employee value proposition for recruiting
    • Policy cost
    • Administrative cost
    • Anticipated need for future change, given legal and regulatory environment
  4. Confirm recommended direction with senior leadership
  5. Implement — Update policy documentation, administrative process, and communicate the good news to managers and employees
Who's family? 
State paid family leave regulations are generally more inclusive than the FMLA, and usually include extended family members, even grandparents and siblings in some states. Domestic partners (both opposite and same-sex) are also considered family in many states, even though federal law now gives same-sex couples the option to legally marry.


Thursday, December 7, 2017

Holiday Parade & Festival Safety

‘Tis the season for holiday parades and festivals. It's important that businesses located near public events inform employees of how their offices will be impacted during the holiday season.

Parades pose various operational risks to property owners and businesses, both inside and outside their buildings. The first steps in mitigating disruption involve communicating with the event organizers and disseminating that information to tenants.

Make sure to let them know if one or more of the building’s entrances will close and the protocol employees, tenants, and guests must know for providing documentation for entering and exiting. Be sure to provide lists in advance to necessary security personnel and also inform them of the steps needed when someone doesn't have their documentation. While these things may be done on a typical basis, they will likely need to be amped up during the holidays. 

Consider the following additional security measures:
  • Hire elevator operators to help keep guests on their assigned floors.
  • Obtain a temporary alcohol license, if necessary.
  • Confirm that outside caterers are insured.
  • Address if the windows are operable and ensure they are kept closed.
  • Vet third-party contractors for safety and reputation before giving them access.
  • Review emergency plans.
Lastly, encourage citizens and constituents to stay alert and aware of their surroundings when participating in large events. Not just to be prepared for terror, but also to prevent being a victim of crime. It is recommended to download apps either provided by the authorities or by media outlets that generate alerts allowing you to get direct notifications should anything happen in your vicinity.


Wednesday, October 25, 2017

Create a Healthy Workstation

If sitting at your computer for hours gives you aches and pains, eye strain or other discomforts, take a look at the following strategies for improving the setup of your workstation. Following some of these recommendations may help you prevent both immediate and chronic problems.

Source: Berkeley Wellness