Category Archives: Financial Risk Management

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Trends and Predictions for Retailers

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Last year, retail and consumer packaged goods (CPG) companies faced challenges stemming from evolving regulatory compliance, brand exposure, reputational risk and increasingly complex global supply chains. No doubt 2014 will prove to be a pivotal year for organizations to demonstrate their focus and commitment to strong governance, risk management, and compliance in order to truly emerge as leaders. Here is a look at some top trends that have influenced the industry, and a few predictions that will shape the year ahead.

2013 Key Trends:

Increased Volume and Complexity of Regulations. In 2013, the retail/CPG industry faced a flurry of new and amended regulations spanning environmental compliance, conflict minerals reporting, product safety, data privacy, anti-corruption, product packaging and labeling to name a few.

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Ensuring compliance and staying one step ahead of regulators requires that retail and CPG organizations establish more centralized and collaborative compliance programs.

Managing the Supplier Ecosystem. We saw that environmental, man-made, and human rights issues can threaten the financial stability and reputation of retail and CPG organizations. Establishing a unified view of the organization and its entire supplier ecosystem requires consistency and transparency, which can be achieved only through stronger due diligence, monitoring, and reporting processes.

Focus on Collaboration. In response to increased compliance mandates, and added complexity throughout the supply chain, internal business functions have begun converging and collaborating in new ways. A strong, compliant, and risk-aware organization brings together the right people, the right skill sets, and necessary resources against a shared vision, mission, and purpose.

2014 Predictions:

Rising Importance of Reputation. Non-compliance, fines, product recalls, bribery and corruption allegations, customer activism, factory fires, and health and safety issues have put many retail and CPG companies in the hot seat.

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These incidents not only play out over front-page headlines, but can spread virally across social media sites in a matter of minutes. In 2014, building and maintaining an organization’s reputation will become a matter of survival.

Complying with the Affordable Care Act (ACA). The ACA impacts retail companies that employ a significant number of temporary workers. According to the ACA, health insurance must be provided to full time employees who work at least 30 hours per week. In the retail industry, however, employees who work at least 40 hours per week have traditionally been considered full-time. Overcoming this discrepancy will require new policies and processes that will impact employees, human resources teams, and compliance executives alike.

Investments in Technology. As operations expand and supplier ecosystems become more diverse, organizations will be faced with new opportunities and new challenges. We will see organizations continue to focus on integrating the activities of multiple functions.

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Investing in new technologies and tools to help integrate quality customer service, regulatory compliance, supply chain governance and security can help organizations realize greater efficiencies, enhanced agility and improved business performance.

GRC and Risk Management

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Risk management is the most important part of an organization’s governance, risk and compliance program (GRC), according to a survey. When asked to forecast priorities, 33% of respondents stated that enterprise risk management is most important and 27% said ERM would continue to be important to their company. Out of 12 barriers to their GRC goals, organizations identified a lack of resources (52%) and lack of collaboration and cooperation (44%) as their top obstacles.

 

GRC Software | ERM Software
Courtesy of: CAREWeb

Executives Explore Strategic Risk

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Quickly made business decisions and innovations in technology—such as big data and social media—can throw a curve to a company’s strategic risk management, according to a survey by Deloitte. As a result, risk managers need to be prepared to act quickly to avoid disruptions that can follow.

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The study, Exploring Strategic Risk: 300 Executives around the World Say Their View of Strategic Risk is Changing, found that 81% of companies surveyed manage strategic risk explicitly, focusing on major risks that could impact the long-term performance of their organization.

Strategic risk management is also more of a board level priority, with 67% saying the CEO and board have oversight in managing strategic risk. They also say reputation risk is now their biggest risk concern.

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Much of this concern is due to the instantaneous aspects of social media globally, which can impact a company’s perception in the marketplace.

While reputation was already the top risk identified by financial services three years ago, and still is today, the energy sector didn’t see reputation as a top-five risk. Today, however, they see it as their number-one risk.

Respondents said they expect human capital and innovation to be the top strategic assets for companies to invest in three years from now, according to the study.

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Illustrations: Deloitte

CFOs More Confident About Risk Management

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Nearly two-thirds of CFOs are more confident in their ability to manage risk, with 25% reporting an increased appetite for risk, according to a new national survey from TD Bank.

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A number of respondents said their organizations have managed risk proactively since 2008 through internal controls and procedures and increased accountability.

“What we’re seeing, both through this survey and in our interactions with clients, is a more positive outlook about the economic environment and the business opportunities coming out of the recession,” Greg Braca, executive vice president and head of corporate and specialty banking at TD Bank said in a statement. “Well over a third of the CFOs surveyed expressed that they’re more confident in the U.

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S. economy, and more than half viewed their organizations’ prospects in the same vein. CFOs feel better equipped to manage risk, which will enable them to take a more active approach to investing and expansion, even if the economy improves at a slower pace than we’d like.”

CFOs are also apprehensive about the regulatory climate, with more than a third of respondents indicating that regulation is a top concern going forward.

The survey was conducted in September and October 2013 by ORC International.

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A total of 150 executives were surveyed, half at companies with annual sales of $50 million to less than $250 million (middle-market) and half at companies with annual sales greater than $250 million (corporate).