Clancy Yeates has published a fantastic article on the current state of revalations being uncovered in the Financial Services Royal Commission. Consistent themes of ineffective risk management, lack of control and dilution of information to management committees correlate to the sentiment of APRA chairman Wayne Byres.
"The finance industry, and the risk profession that serves it, has a natural affinity for measuring things in dollars and cents, percentages and basis points," he said.
"But that means the conventional risk management frameworks and processes find it difficult to grapple with difficult-to-quantify risks, such as those relating to behaviour and reputation. If what gets measured gets managed, then I suspect that has played some role in bringing the industry to where it is today."
So, what's the root cause, Malicious Intent? Conflicts of Interest? perhaps it actually starts with the disparate risk and control systems utilised. Excel, Outlook and Sharepoint will only get you so far, while being fast and seemingly free to implement, we have seen time and time again industries sprouting up around these tools to support and manage them.
QC-Technology however embraces this complexity and places visualisation and reporting on qualitative and quantitative inights into executives' hands, why not reach out and see for yourself?