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.
2020 was a year like no other, and now retailers the world over are reckoning with re-emergence from the pandemic. They’re relinquishing the illusion that retail will ever return to 2019 conditions, but they know 2020 isn’t predictive of retail’s future, either. Consumer behavior has changed forever.
Initially, pandemic conditions shocked consumers into new shopping habits. They stayed home, motivated by fear of contagion or adhering to the 'stay home' guidance issued by government. Consumers’ fear of shortages triggered actual shortages. Retailers implemented rationing and were forced to identify new sources of supply. Authorities shut down non-essential establishments, forcing retailers to find new ways to move merchandise in order to survive.
Consumers also found new sources of supply and changed their shopping habits too. They responded to pandemic conditions by shopping online. They enjoyed the safety, convenience, selection and price-competitiveness that ecommerce offered. Brick-and-mortar stores responded by offering online ordering, curbside pickup and offering next-day or sometimes same-day delivery options. Rapid implementation of these new services ensured retailers’ survival.
Retail has experienced a pivot in manpower, whilst many stores were left with no option but to furlough or lay off staff, stores who adapted quickly were recruiting delivery staff and expanding on-line teams. The pandemic saw consumer spending shift toward food and household goods, home entertainment, and home improvement and away from fashion, luxury goods, dining out, and travel. But as the rich continue to splurge online, and the poor flocked to budget-friendly shops, it’s players in the middle such as department stores and specialty retailers that struggled the most.
While sensory and social aspects of shopping are luring customers back to stores now – particularly in sectors like apparel, shoes and beauty – consumers have moved online for good for many purchases. Now, retailers are wondering how to master hybrid physical and online models.
Here we explore the trends retailers are using to survive and look at how they can manage the associated risks.
Once consumers start shopping online, they’re likely to increase that behavior. ‘In-store shoppers’ get an influx of dopamine when they buy; online shoppers experience that dopamine influx twice: when they click to purchase, and when they receive their orders. “I don’t think we will see a ‘snap back’ to the way we previously shopped,” said Australian retail expert Louise Grimmer. “… Growth in online shopping… has led to retailers having to offer more value in their online range and increase online delivery.” These days many retailers see ecommerce not just as an additional channel of delivery to in-store sales but a central tool to survive in a post-COVID world.
Increases in online traffic put new strains on retailers who’ve started locating fulfillment centers closer to consumers. “Dark stores” are mini-fulfillment centers set up on the site of shuttered retail establishments. Retailers built fleets to deliver orders, enlisting “gig economy” workers and using smaller vehicles to circumvent commercial driver’s license requirements.
The retail sector has adapted at lightning speed in order to meet customer needs whilst operating in a safe manner and adhering to government guidelines. However, these new operating models bring unforeseen risks to retailers which if not managed correctly could lead to further issues.
Online retail carries risk that brick-and-mortar establishments don’t face including cybercrime, web site downtime, compliance violations, intensified price competition and complex delivery networks.
Best-practice risk management starts with anticipating what might happen and deciding if it is s an opportunity or a potential risk. GRC thought leader Norman Marks said in our recent webinar “Risk is not necessarily something that needs to be managed and mitigated, sometimes it is something you need to take!”.
Retailers must consider external risks including; changing consumer behavior, competitor behavior & economic conditions, alongside operational risk and compliance regulations to ensure they understand their risk profile and are able to identify opportunities for growth.
Risks like cybercrime, system failures, customer complaints, returns, delivery errors and taxation across diverse jurisdictions are inevitable, but once identified, they can be monitored, mitigated, and managed.
Andrew Cutter – Vice President, North America, Camms
Retail is an industry that by may not appear to be as driven by regulatory compliance to the same degree as perhaps Healthcare or Financial Services. This may account for why so many find themselves still trying to manage this complex area through spreadsheets or disparate legacy systems that don’t stand up when under pressure and are unable to deliver the reporting needed to drive effective decisions.
However, that is not to take away anything from the complex governance, risk and compliance landscape that retailers are facing, but it does put these businesses in an interesting position. One where compliance is key, but they are also increasingly motivated by other driving factors, like ethics and how to achieve competitive advantage.
If the Covid era has taught us anything, it’s to be ready for the unexpected. Retailers in privileged parts of the world are feeling the relief of re-emergence while remaining cautious of what the future may bring. Responding to changing consumer behavior is timeless advice for retailers and, accommodating consumers’ new shopping habits and mitigating risk is key to thriving in the post-pandemic world.
When risk management is automated, streamlined, and is critically able to drive a single source of demonstratable proof of compliance, and be integrated with the strategic objectives of the business, this will enable a truly agile approach and in turn drive business success.
Vice President - North America