Trust is so important where you rely upon others to keep your promises. Specialisation, offshoring, outsourcing and cost cutting - this is the reality of business and your reliance on third parties will only grow. A complex portfolio of relationships needs to work effectively to deliver the promises you make to all your stakeholders.
Building digital trust: You need to be aware of your cyber security risks, be able to assess which cyber threats and possible cyber attacks could actually affect your business goals and have the agility to deal with new information security threats as they arise.
Many leaders lack visibility of their business transformation programmes. Sponsors often feel removed from the detail of a change management programme and need help to feel closer, increasing their confidence and certainty of achieving the desired outcome
Your regulatory response reflects the level of control you have in your business. Regulatory compliance can be turned from a requirement to a source of commercial advantage.
Promises are made between people, not organisations or contracts. Risk assessing contractual obligations, understanding sub-contractor risk and improving governance maturity will help to increase levels of third party trust.
Aligning your culture, behaviours and beliefs is the key to success. If there is a mismatch between the intended, espoused and actual behaviours, the consequences for your organisation can be serious.
Leaders need to integrate enterprise risk management with strategy, improve their risk profile, embed good corporate governance, implement stress testing and embed continuous monitoring instead of focusing on cutting costs and aggressively streamlining operations.