Weekly Wrap – 20th March 2014

 

Hi I am Tom McLeod, Managing Consultant of McLeod Governance.

This is what I would be thinking about this week.

I was asked this week, in the context of the still unfolding Malaysian Airlines disappearance, what is the role of risk management and internal audit during a man-made or natural disaster or catastrophe?

Rule One – Get Out of the Way

My first response was that those functions need to get out of the way during such moments so that the organisations – or the country – can put all its efforts, undistracted, in saving lives or property.

And I believe that that is the first and the most important thing to do.

Acting as a Fact Recorder

My second observation was that I have seen instances where such functions in matters that are not necessarily involving life or limb but involving destruction of property have been asked to be the contemporaneous recorder of the issues at hand.

Not Business as Usual

But when it comes to the execution of the audit plan or the risk management reviews in such stressed environments the last thing that your function should be doing is seeking to distract – and I use that word deliberately – from the task at hand.

So perhaps in the event of a natural or man made disaster or tragedy the best thing you can do is to do nothing.

HOW MCLEOD GOVERNANCE CAN HELP

McLeod Governance can work with your organisation to determine what role your function should play when your organisation is going through a non “business as usual” phase.

For further information contact us .

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