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 seem to be living in a golden age of software. Applications have rendered almost every business function a more-efficient one, more consistent in following best practices, and more capable of producing data-rich reporting for executive decision-making. If you started a new job, you would most likely be surprised if they were not using a centralised system, imagine joining a finance team with no finance system or a sales team with no CRM!
These systems become the lynchpin of their departments and enable the centralization and sharing of critical information. They enable companies to quickly implement best-practice processes, reduce admin and duplication and streamline processes. Furthermore, these systems are constantly capturing data which provide up to date information to aid decision making and provide critical data to executive teams.
Is it too much to ask that risk & compliance teams are afforded this same luxury? Perhaps a few years back it may have seemed over the top for small department. But with ever increasing regulatory requirements and the variety of risks and compliance requirements touching every business function many organizations are realizing that it is no longer a luxury but a necessity!
Large global organizations with complex regulatory requirements have been reaping the benefits of Risk & Compliance software for many years. But the recent events have shown that there are significant risks facing business of all shapes and sizes, from third party risk and information security to operational risk and remaining compliant with regulatory obligations, it is a mine field out there.
When it comes to governance, risk and compliance (GRC) departments, however, some leaders shy away from investments in software. They continue to use manually assembled spreadsheets and reports to meet objectives, overlooking the risks inherent in their approach. Objections to implementing GRC software include the small size of their departments versus the high cost of software, complexity of implementation, and “we’ve always done it this way.” The advantages they could gain from quality risk and compliance software can’t be ignored, however, and it’s time for GRC departments to put spreadsheets away for good.
When we consider the benefits of risk and compliance software, objections become less consequential, and obstacles less insurmountable. This post discusses the risks inherent in relying on spreadsheets, challenges common objections to implementing a GRC software solution, and outlines the advantages that good risk and compliance software will provide.
Spreadsheets are among the most important tools available to organizations and businesses. They empower users to perform analyses that would be too time-consuming to prepare manually. Often, departments rely on spreadsheets as they await system implementations or upgrades. But it’s ironic to consider the use of spreadsheets to manage risk, when spreadsheets themselves introduce enormous risks in business. In a GRC department run on spreadsheets, individual risk and compliance professionals will develop their own reports instead of adhering to a departmental standard. They’ll struggle to establish a single source of truth with spreadsheets that aren’t centrally maintained. They’ll have problems discerning the quality and origin of their spreadsheet data. They’ll make the data entry, calculation, and even formatting errors to which spreadsheets are especially vulnerable. (Errors in spreadsheets occur at an estimated rate of 94 percent, and stories abound about the cost of spreadsheet errors to organizations. One error can invalidate multiple formulas, and such errors can go undetected for years.) If the local Excel wizard becomes unavailable, stakeholders can get stuck with reports no one knows how to produce or maintain.
On the other hand, software purpose-built for risk and compliance provides formal data definitions, automated enforcement of standard processes, logging of user actions, and notification features.
When enterprise leaders consider new software for any department, they often have efficiency and cost reduction in mind. Following this logic, they’ll prioritize the departments with the largest labor costs first. GRC departments often lose out when department size is a principal consideration in technology investment. Now, however, senior executives are seeing never-ending news about compliance failures. They’re reluctant to risk the cost in fines, reputational damage, and market goodwill that attends noncompliance. They’re recognizing that compliance obligations are increasing, and the rate of regulatory change accelerating. as Carlo V. di Florio, former Securities and Exchange Commission’s Director of the Office of Compliance Inspections and Examinations put it: “The scope of risks expands beyond regulatory risk to also include market, credit and operational risk,” and that scope has expanded to “include risk management, finance, internal audit and other key risk and control functions.” Senior executives are aware of the growing significance of GRC as a key function, and they’re prepared to consider new approaches to make small GRC teams more effective.
Still, GRC leaders might be reluctant to entertain the cost of entry that GRC software represents to them. Their perceptions may be colored by older models of software acquisition that include high initial costs and significant implementation efforts. While hosting their own applications is still an option (and often the best choice), subscription models like “software as a service” (SaaS) will level out initial costs, and allow GRC departments to experience benefits before making any large capital expenditure.
A third objection GRC leaders have: “we’ve always done it this way.” They’re familiar and comfortable with the diverse spreadsheets and manually-assembled reports via which they’ve always achieved department objectives. They may dread the unfamiliarity of new software and the pitfalls of leading teams through difficult changes. But the right software vendor will offer ease of setup. Some vendors design their offerings for “rapid time to value,” delivering solutions that are deployed quickly. These software providers take a collaborative approach to implementation, and deliver training that ensures enthusiastic and confident users from day one.
GRC leaders who guide their departments away from spreadsheets and on to purpose-built software discover a number of immediate benefits. The best GRC software will:
Once the advantages of GRC software are known and objections are reconsidered, GRC leaders can initiate efforts to identify the right software – and vendor:
The use of spreadsheets for such mission-critical functions as risk and compliance has grown prohibitively hazardous as GRC grows more complex. GRC departments are smaller in headcount than some other key business functions; but they still need purpose-built software to protect their organizations from the damage of unaddressed risk and noncompliance. The risk of managing risk with spreadsheets alone is just too great.
Request a no obligation demo of Camms.Risk today and see for yourself how we can take your risk & compliance processes to the next level of automation.
Vice President - North America