If you’re familiar with the PNB bank fraud that recently came to light, you should also be aware that this incident has highlighted the many concerns that corporates need to tackle. Even though PNB had a documented Risk Management policy, internal controls failed to pick up on the fraudulent practices that were taking place.
Corporates are exposed to fraudulent practice – it’s certainly not a new topic. This reality plunges the brand into crisis mode and weighs heavy on the shoulders of staff and other stakeholders as they face the scrutiny of government watchdogs, competitors and the public. More than scrutiny though, the crisis management process is a time-consuming one for the corporate executive who run the risk of decreasing shareholder value and brand disruption should the crisis not be managed efficiently.
Functional, effective and operational Risk Management is vital to avert instances of reputational damage as a result of a crisis. This is where Diligent Consulting satisfies a dire market need…
More than an evaluation of the current risk practices, Diligent Consulting asserts a proactive measure to the implementation of systems that are lacking within the organisation. As with the PNB case, a question that is oftentimes raised is: Had the executive been more engaged with its risk management processes and considered risk more thoroughly and frequently, could the crisis that befell the brand have been avoided?
Diligent Consulting assists all organizations in managing their risk profile while maintaining their responsibilities towards governance in the broadest sense. The words of Former U.S. Deputy Attorney General Paul McNulty are especially relevant: “If you think compliance is expensive, try non-compliance” The question of Risk Management is not an “if” but rather a “when”.