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.
2016 saw the insolvency of British Homes Stores. Carillion suffered the same fate in 2018. In 2019, the Financial Reporting Council (FRC) warned the UK’s eight largest audit firms to act swiftly to improve audit quality; by 2020, it found one third of all audits failed to meet its quality standards. In addition, a lack of competition in the statutory audit field has become a growing concern in the UK.
To address issues like these, the Government requested three reviews: the Independent Review of the FRC, the Competition and Markets Authority’s Statutory Audit Services Market Study, and the Independent Review of the Quality and Effectiveness of Audit prepared by Sir Donald Brydon. These reviews found that auditors and directors need to be held to account more, and in particular for providing useful information in reports, and that the audit delivery process needs greater quality, competition, and resilience. The Department for Business, Energy & Industrial Strategy (BEIS) put it this way in its “Restoring Trust in Audit and Corporate Governance” policy paper: “reform is needed to drive a new auditor mindset and to strengthen the resilience and integrity of the audit market.” New measures will impact directors, auditors, shareholders, and audit firms. Coming reforms will focus on all listed entities in the UK, where effective audit and corporate reporting matter the most.
The FRC, itself subject to reform as it transitions to ARGA, the Audit Reporting and Governance Authority with much extended powers, is already considering provisions that don’t require legislation. For those that do require legislation, BEIS is holding a review period prior to presentation of measures to Parliament; interested parties can comment online. The consultation period began in March, and will end on 8 July 2021. Some measures may apply to premium listed companies first, and to public interest entities later.
Governance, risk, and compliance (GRC) professionals, directors, and auditors don’t have to wait for the ultimate regulations to come – they can make progress now based on the general philosophy that the Government has outlined:
While more regulation will result in additional work and complexity, SOX (Sarbanes-Oxley) has produced stronger controls overall in the United States, increasing standardised processes and reducing human error. By facilitating earlier detection of noncompliance, financial restatements in the US have been reduced by 90% since SOX was enacted in 2002. Applying similar controls in the UK will result in higher-quality reporting and greater trust in businesses here.
If the scale and complexity of UK SOX matches the magnitude of US SOX, however, costs will be high. For example, compliance costs for US SOX Section 404 only — requiring a business to attest to the effectiveness of processes affecting annual financial performance reporting accuracy — “is estimated to be between £10-20 million and consume approximately 20 FTE-years of internal time” for a major business in the first year alone.
No matter what timing is imposed, no matter what scale reforms take, it isn’t too soon to start the journey to SOX compliance. GRC professionals can work with business leaders to set up programmes for designing, implementing, and monitoring internal controls:
Leaders who undertake SOX programmes now will progress in maturity, and eventually develop repeatable compliance processes that can be measured and automated.
Ultimately, board members, including NEDs, are accountable for SOX compliance and must attest to the financial integrity of the business. Their leadership is essential, but the life blood of effective SOX programs is data. Systems can help leaders prepare for SOX by supporting data integration and consolidation, automating controls, and reducing compliance costs. Camms has solutions to cover governance, risk, compliance, audit, and even strategic performance – as modular, configurable products that can be purchased individually or packaged as a complete integrated business platform.
Vice President, EMEA