Read the latest insights from the Camms team.
Adam Collins | October 2, 2020
We are excited to announce that our industry recognized Risk Management Software Solution, Camms.Risk, was yet again named as a “High Performer” in the GRC software category by G2 in their Fall 2020 report. This marks the 3rd consecutive quarter in 2020 Camms.Risk has been recognized by G2 in its quarterly Grid report.
Daniel Kandola | October 1, 2020
Transferring products from A to B quickly and efficiently is the name of the game in the constantly moving world of transportation and logistics. Unfortunately, a myriad of variables means this process is rarely as easy as ABC at the best of times – and 2020 is proving more algebra than alphabet. Navigating a clear course within the sector has never been so challenging. Existing risks have been overshadowed – or in some cases accelerated – by an unprecedented global event that has brought the importance of organisational resilience into sharp focus: the COVID-19 pandemic.
Beau Murfitt | September 25, 2020
Major banking institutions have been at pains to stress their determination to overhaul their ability to combat financial crime of late – following a string of high-profile corruption scandals. Unfortunately, these claims appear to be words without substance after a disturbing tale of leaked documents, dirty money, and international crime emerged – one that sounds more like something from a Netflix crime drama than the world of regulatory compliance.
Daniel Kandola | September 17, 2020
The rapid spread of the COVID-19 pandemic has completely blindsided society in 2020, with devastating effect. But was this cataclysmic event a black swan? It appears not. According to the National Risk Register – an overview of the risks of major emergencies that could impact the UK in the next five years – the threat of a pandemic was firmly on the government’s radar: “experts agree that there is a high probability of another influenza pandemic occurring, but it is impossible to forecast its exact timing or the precise nature of its impact.” In fact, of all the high consequence risks outlined in the register – from severe weather to terrorist attacks – a pandemic was considered to have the highest potential impact.
This threat wasn’t classified information reserved for senior figures in Whitehall; it had filtered down to local government level. Take Camden Council, for example, which – like other local authorities – already had information about pandemic risk fed to them by Public Health England. Camden subsequently rated a ‘pandemic flu’ as a 4/5 likelihood and 5/5 for potential damage on its risk register – proof that more high-profile risks like terror and cyber-attacks weren’t their only focus when it came to organisational resilience.
Daniel Kandola | September 10, 2020
What a difference a year can make. Cast your mind back to 2019: the global defence sector was on the offensive due to budget increases and military modernisation was the plan of attack, as growing security concerns forced governments to invest heavily in new equipment. So much so that international defence expenditure was forecast to grow between 3% and 4% in 2020 to reach an estimated US$1.9 trillion – driven by increased spending in the US, Russia, China and India.
Daniel Kandola | September 2, 2020
Successful organisational resilience relies heavily on the four sights: insight, foresight, oversight and hindsight. Unfortunately, anticipating and preparing for sudden
Warwick Kirby | August 24, 2020
McKinsey & Company published an insightful article in March 2020 – Beyond coronavirus: the path to the next normal.
Kevin Sneader and Shubham Singhal stated, that to win the war against Coronavirus required action across five horizons: Resolve, Resilience, Return, Reimagination, and Reform.
Brad Smith | August 5, 2020
The impact of the massive global disruption from the COVID-19 pandemic during 2020 has been felt in virtually every organizsation, workplace, and household around the world. With or without an effective vaccine, the pandemic’s far reaching impacts will be felt globally for some time to come.
Brad Smith | July 28, 2020
We all know that reporting safety incidents in the workplace is essential to managing risk, but with the advent of COVID-19 the relationship between risk and incident has taken on a whole new meaning.
Camms | July 23, 2020
Camms has continually evolved since we were founded in 1996! With nearly 25 years of experience in business software solutions, we have continually invested in making our software right for supporting organizations to achieve their goals.
Camms | June 11, 2020
To provide our customers with assurance around Camms' ongoing commitment to information security management, we are pleased to announce that we have recently achieved certification of the ISO 27001:2013 standard for our major offices around the globe. This followed an in-depth set of assessments over the past 6 months including onsite audits in all locations.
Camms | June 4, 2020
The largest implementation partner of Adaptive Insights in the APAC region, GK Horizons, are trusted by their customers across various industry verticals to improve not only their financial insights but their business agility and overall performance.
Brad Smith | June 1, 2020
Today’s climate proves that both local and global events can significantly impact the strategy and operations of an organisation. With key attributes in today’s volatile and uncertain environment being agility and flexibility,
Camms | April 21, 2020
Tomorrow needs pace, agility and quick decisive management. Today is the day to invest in the right risk management software. Rapid change is a constant in today’s environment.
Yasith Fernando | November 25, 2019
Sustainable Software Development refers to a set of principles and practices which enables a team to maintain an optimal speed in development indefinitely for the sustainability of the development team and ergo, the company.
We hear a lot about the ‘risk landscape’: a turbulent place where change lurks around almost every corner and variables abound. This powerful metaphor brings to life the need for firms in the financial services sector to navigate through the risks and pitfalls between where they currently are as an enterprise, and where they should be. One event – the global financial crisis – reshaped the topography of the space by changing business conditions and regulatory requirements. Analysts now identify three distinct periods within the financial services risk landscape over the last two decades:
The financial services sector emerged from the crisis battered and bruised. Instead of licking its wounds, it was forced to address a major issue that had made headlines across the globe: accountability. If the loss of billions of pounds was not bad enough, the senior managers responsible for the worst economic disaster since the Great Depression of 1929 escaped punishment by hiding behind the global corporations that employed them.
With the public up in arms, major changes in the regulation of global financial services were inevitable. Consequently, the focus shifted to the behaviour of firms and senior individuals and how they conduct their business. Regulatory reforms were developed and implemented globally to address accountability and conduct in the financial services sector – with others still in the pipeline. Since then, other major events – such as the FinCEN files scandal and the sudden escalation of the Covid-19 pandemic – have kept senior managers accountability for financial risk in the spotlight.
In the UK, the Financial Conduct Authority (FCA) introduced the Senior Managers and Certification Regime (SM&CR) in 2017, which applies to all FCA-regulated firms – of which there are around 60,000. According to the FCA: “The SM&CR aims to reduce harm to consumers and strengthen market integrity by creating a system that enables firms and regulators to hold people to account.”
In this context the SM&CR aims to:
The framework is designed to maximise accountability for senior managers working in investments or managing large sums or funds. This means individuals can be held responsible for any losses to the regulator and their clients.
The Banking Executive Accountability Regime (BEAR), set out in the Banking Act 1959, establishes accountability obligations for authorised deposit-taking institutions (ADIs) in Australia and their senior executives and directors. By mid-2021, it is expected that legislation will be introduced into the Australian Parliament to pass the Financial Accountability Regime (FAR) – absorbing the BEAR requirements and making several changes.
FAR proposes to extend accountability requirements to other APRA-regulated entities and directors/senior executives in accordance with the government's response to several Hayne Commission recommendations – an investigation into misconduct in the banking, superannuation, and financial services industry.
According to Australian Treasurer Josh Frydenberg, the proposed changes “will ensure that senior executives of these financial entities will be more accountable for the activities of the organisation for which they are responsible and, consistent with the BEAR, impose strict consequences for those who fail to perform their roles with competence, honesty or integrity.”
Forcing finance directors and chief executives – across a range of industries, not just financial services – to personally attest to the veracity of their internal financial controls would foster better company behaviour and help eradicate fraud: that is the informed view of Britain’s accounting watchdog the Financial Reporting Council (FRC).
A UK government-commissioned review in 2018 outlined the case for introducing a UK version of “Sarbanes-Oxley” (SOX) – a US law introduced in 2002 to stamp out accounting fraud. SOX requires executives at top listed companies to vouch for the accuracy of their financial controls. Their assertions are subsequently validated by an external auditor to ensure the controls are robust enough to provide reliable financial statements.
FRC chief executive, Jon Thompson said: “We think it’s possible to design that. We think it would raise standards of corporate governance, risk management, financial management, financial accounting, and accountability within the organisations,”
The FRC – which has powers to fine and suspend accountants for breaches of its rules – believes a similar regime should be implemented for the UK’s largest listed companies, which would represent a significant toughening up of governance rules. However, the FRC has stressed that a new regime must be “carefully designed” to avoid clashing with SOX itself, given that many UK-listed companies also trade in the US. Crucially, it should also be compliant with Britain’s system of senior manager accountability in the financial services sector.
An effective financial accountability framework is driven by strong regulatory compliance. To achieve this, business leaders should implement software solutions that address four key stages of the risk management cycle: identify, assess, monitor, and respond. Adopting an integrated approach to governance, risk, and compliance will embed robust controls and underpin informed decision making.
Camms.Risk – a cloud-based SaaS solution – facilitates risk, incident and compliance management. This central point of oversight facilitates:
The creation of new regulatory requirements in the wake of the global financial crisis continues to shine the spotlight on senior managers accountability in this space – and beyond. Lessons have been learnt from the past, meaning organisations have two choices: comply or deal with the consequences.
Find out more about how Camms.Risk can help your organisation comply with your regulatory obligations and request a demo.
Vice President, EMEA