This month has seen more focus in the start-up sector on the management of business risks. Whilst many start-ups have – quite rightly – been focus on ensuring sufficient revenue and cash flow for the next 18 to 24 months, there is also deeper thinking now underway around how to build longer term business resilience. The missteps by many larger technology-based businesses in areas such data privacy, cybersecurity and regulatory compliance, sees many founders and boards spending much more time now thinking and talking about risk management.
While on the topic of start-ups, it has been exciting to see so many opportunities opening up in this new COVID-19 world for start-ups involved in in the medical and health field, education, logistics and communication & collaboration technologies sectors, in recent months. Highlights for this month for me were:
Business Model Risk – Building financially and operationally resilient businesses
This month I presented to the Governance Institute’s Virtual Governance Forum 2020 on business model risk. The focus was on the importance of stepping back and taking a boarder, long term view of strategic business risk. More details on the issues covered in the session can be found here on the 52 Risks® website.
Management of Business Risks Podcasts: Institute of International Finance
I joined Brad Carr in Washington, DC early in the month on his widely listened to and highly acclaimed Institute of International Finance FRT podcast series. We talked about the latest trends in the management of risk, my recently launched 52 Risks framework, and the impact of COVID-19 on banks and businesses. Click on the link here to listen to the podcast.
52 Risks® For Start-ups
As part of The Regtech Association’s #Accelerate Pitchfest earlier this month, I gave a short presentation on risk management for startups. Start-ups (and established SMEs) can use the 52 Risks® framework – with four key steps – to think about and manage risks, even in the early stages of their life cycle. Read the full article here.
It is hard to believe it is almost half though the 2020 calendar year. And what a tough six months it has been. Best wishes ahead for the welcome start of the northern summer – for those in this northern hemisphere – and keep warm those closer to me here in Australia.
Peter Deans
