🔌 From Automotive Insights to Business Strategy
Throughout my career in GRC and risk management, I have often drawn from my automotive roots, where the need of EDI* data for production, procurement, and supply chain logistics was a daily occurrence. My journey has helped me to unveil lessons for every business, emphasising the importance of data accuracy, security, and risk management.
💡 Data Precision Amid Complexity
Within the daily challenges of business, including identifying, classifying, labelling, storing, and transferring data, we faced the increasingly difficult task of ensuring accuracy and consistency. Even more challenges came from the fact that we were only a small team.
🔐 Guardians of Accuracy: Risk Management Strategies
Embracing Business Continuity Management, Disaster Recovery, and Risk Management, helped improve our data accuracy. Consistent Quality Assurance checks and robust Change Control mechanisms acted as shields, enhancing customer service delivery.
🛡️ Battling Data Leaks: A Vigilant Approach
Vigilance was a key control as we worked hard to try and prevent the intrusion of poor-quality data into business operations. The ramifications of erroneous data entering production were significant – from mislabelled products to potential disruptions in the supply chain. Trust me when I say, the last thing you want added to your car is mislabelled airbags or seatbelts.
📊 Precision in Numbers: The 99.99% Revolution
Our commitment to data precision led to a 300% overcheck on both electronic and physical data, culminating in an impressive 99.99% accuracy rate. The ‘Containment’ strategy was our best approach, ensuring no product saw the light of day unless it met the stringent 100% overchecking condition.
🚗 Driving Change: Triumph Through Adaptation
We had to learn to adapt – even with the 3-month Containment process, customer satisfaction was our compass. In the end, it was our Change Control mechanisms that kept the wheels turning. Being adaptable is something I have carried through out my entire career in GRC.
🌐 Future Gazing: The Resilience of Data & Risk Management
Fast forward to 2023, and recent events continue to highlight the relevance of ‘Data & Risk Management’. Weaknesses in Data Management, Supplier and Third-Party Assurance Controls, and Change Control Processes are evident and often serve as a call to action for many of our clients at iSTORM.
☁️ Navigating Cloud Realities
The landscape has evolved though – Many businesses now rely on Cloud-based solutions, rather than inhouse infrastructure. While these solutions are laden with advanced security features, they still require us to be agile as they shape changing business environments. The shift from physical dependency to Cloud and SaaS providers reflects the transformation of management practices I have witnessed over my career.
🏟️ Learning from History: Avoiding Data Pitfalls
History has taught me one thing, that data leakage, weakened controls, and supply chain disruptions remain challenges for all businesses. Even seemingly unrelated events, like tech glitches in the air traffic control system, illustrate the potential impact of unmanaged vulnerabilities.
🔎 Have You Assessed Your Business’s Risks?
Recent events, such as the UK’s air traffic control issues, prompt an internal review. Identifying potential issues and weaknesses is now essential for businesses. Are you certain your Supplier Agreements provide security? Is your Business Continuity Plan suitable for your needs, does it work? There has never been a better time to take a proactive approach to risks.
👑 Empower Your Business: Embrace the Data & Risk Management Imperative
The automotive journey is a testament to the transformative power of meticulous data management and risk mitigation. It taught me a great deal and provided me with the tools I still use to support our clients to this day.
Here at iSTORM we use this experience to help you and your business embrace the Data & Risk Management mindset through tailored consultancy, training and support. For more information or to set up a no obligation scoping call, get in touch today.
Call – 01789 608708 or email firstname.lastname@example.org
Rod Powers – GRC Consultant @ iSTORM
*EDI: Electronic Data Interchange