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.
Successful organisational resilience relies heavily on the four sights: insight, foresight, oversight and hindsight. Unfortunately, anticipating and preparing for sudden disruptions is not an exact science –despite our best efforts, we can’t always accurately predict everything that will happen or be needed in the future. Take the medium-term trends forecasted by Deloitte for the financial services sector in 2020, for example – without the luxury of foresight’s frustratingly smug sibling, hindsight, they – and everyone else who tried – were unable to foresee a devastating event that was lurking around the corner.
Yes, the potential impact of these trends warranted major consideration – and continue to do so – however, the four sights couldn’t prepare us for what happened next: fast-forward to March 2020, and concerns around issues such as climate change were put on the backburner after society was blindsided by the escalating COVID-19 pandemic.
The announcement of nationwide lockdown restrictions across the globe reshaped the workplace landscape overnight: homeworking suddenly became a forced necessity for most businesses in the financial services sector, rather than a convenient and occasional alternative. If this sudden transition from bustling offices to makeshift workstations at kitchen tables wasn’t challenging enough for risk leaders, the economic impact of global lockdowns has been nothing short of catastrophic. As countries imposed tight restrictions on movement to halt the spread of the virus, it wasn’t just people that were brought to a near-standstill; economic activity practically ground to a halt as well. The resulting damage has been so profound – even in the world’s strongest economies – that it represents the largest shock to the global economy in decades. This has amplified one trend that was already firmly on the sectors organisational resilience radar: monetary policy. Central banks around the world have proactively intervened to calm markets, implementing stimulus measures on an unprecedented scale – such as record interest rate cuts.
Talking of interest rates: elements of the UK financial market’s transition from the LIBOR rate benchmark to SONIA by the end of 2021 are being hampered by the pandemic. While progress has been made in the sterling bond market, the loan market is experiencing difficulties. The economic and social effects of the pandemic have combined to put operational pressures on lenders and their customers, jeopardising the Q4 2021 target. The impact of the pandemic on FMIs is a concern for the Bank of England, which has extended its consultation papers on Operational Resilience until 1 October 2020. The delays – which are intended to alleviate the burden on FMIs in the wake of the pandemic – mean these financial networks won’t need to meet requirements resulting from the consultations before the end of 2021, following guidance at the European level.
So, how has the global pandemic refocused organisational resilience planning in the financial services sector?
The COVID-19 pandemic is undoubtedly a historic event with wide-ranging repercussions for risk leaders to understand and learn from as quickly as possible. However, financial services firms must also strike a balance between prioritising these emerging risks and continuing to manage established risks. Take the long-term threat of cybercrime for example: the pandemic has left us so distracted and disoriented that our defences are down, even as we depend more than ever on all things digital. In August, Interpol reported an “alarming rate” of cyber-attacks, coupled with a shift in targets from individuals and small businesses to large organisations, further enhancing this continued trend faced by large organisations. It certainly goes further than just cyber risks and with such a boom in digital first business models, the C-suite are under pressure not to overlook risks associated with their wider digital risk domain. This was a view shared prior to the pandemic by John Wheeler, senior director analyst at Gartner, when he spoke at last year’s FAIR Conference in Maryland, but something that is even more pertinent now.
Regulators are also trying to fulfil their obligations and take into consideration the external environment. In the wake of the pandemic, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) announced their expectations of solo and dual-regulated firms regarding Senior Managers and Certification Regime (SM&CR). This recognises that firms directly affected by the pandemic need to keep their governance arrangements under review. Where possible, the FCA and PRA intend to provide flexibility around report timings, but the requirement remains.
Business solutions are vital tools for managing emerging and established GRC risks, strategies and projects. The challenge is integrating software that can drive meaningful decision-making from a risk perspective using data that’s aligned to business objectives and KPIs. Achieve this and you will go a long way to achieving the holy grail of aligning risk management and people management with the strategic objectives of the business. This will ensure you are well-placed to adapt and be resilient during normal business operations and through disruptive events. With integrated solutions in risk, strategy, projects and people our business software will help you make the right decisions, manage risks and align the talents of your organisation. We're excited to discuss how Camms’ solutions can assist with your risk management practices. Reach out to us to explore how Camms can help you focus on what really matters.
Find out more about how Camms support our financial services customers and request a demo call today.
Vice President, EMEA