In 1987, a London Underground ticket seller was alerted to a burning tissue on one of the escalators. They duly put it out, but didn’t report the incident. If they did, the slowly-building inferno under the station might have been discovered in time. Instead, several hours later 31 people were dead and over a 100 injured in the King’s Cross Fire, a notorious blaze that consumed one of the train service’s biggest and deepest stations.
The ticket seller wasn’t lazy or ignorant. Instead, by this stage the bureaucracy of the Underground had created a culture of Chinese firewalls. Everyone knew their place. Health and Safety was not the business of the ticket office. Subsequent investigations found that this problem occurred consistently across the Underground’s bureaucracy, even at the highest levels. A fire quite literally burned under the floors, but the company’s culture made people blind to seeing it.
Why culture matters
Culture is a collection of habits. People who share a culture have similar ways of doing things. For example, driving on the left side of the road is a culture. People who don’t do that seem weird and can even be a danger. Company cultures are no different: they represent the collective habits of the employees, reinforced by the vision of leadership. This is why, when leadership and reality are not aligned, staff become disenchanted.
What does this have to do with risk? According to Deloitte, an organisation’s culture determines how it manages risk when under stress. For some companies, their risk culture can be a liability. For others, it can provide both stability and a competitive advantage.
Risk is a goldilocks force: you don’t want too much or too little, the latter meaning less reward. But many companies don’t look at risk as a strategic ingredient – they simply avoid it as much as possible. It becomes a sideshow, one that shouldn’t include the employees.
Yet risk is all about intelligence, and who better to be the eyes and ears of the company than its people? They interact with customers, suppliers, processes and inventory every day. They can feed insight into risk measurements, which risk managers then present to the leadership.
It stands to reason that a good risk awareness culture is incredibly valuable to a business. Deloitte lists the following as crucial to risk culture:
● Commonality of purpose, values and ethics,
● Universal adoption and application of risk,
● Learning from risk, and
● Timely, transparent and honest communications
Giving staff the right tools
How can that be accomplished? The answer lies in the tools that employees use. Risk should have a functional value to the employees. This can be done using data culture and risk integration platforms. By deploying a cloud-based risk capturing system, you can reach across the silos that employees and departments use to secure themselves. It can also be scaled conveniently to adapt as the company does. This helps create a proactive-risk culture.
You can already see the tangible impact of cloud platforms by their sheer dominance: few major companies still do without a service such as Salesforce or its peers. These technologies are transformational, so it stands to reason you should tap them to transform risk culture. This is what we’re doing with Riskonnect.
Such a platform extends the flow of data to beyond the business silos, enabling risk professionals, managers and the exco to have a single truth and up-to-date view of the company’s risk profile. It also encourages employees to wield data for their own insights and creates a sense of risk as a strategic tool, not a curse.
An errant match caused the biggest fire in the London Underground’s history. But the real shock was how silos created a risk-averse culture that cost lives. Since then the London Underground has improved remarkably: today its main risks are not fire, but effective modernisation. London’s transport risk culture now tackles new problems such as commuter stagnation and pollution from vehicles. That is a big step up from ignoring the embers of an underground inferno.
Don’t wait for a fire to show you the strategic potential of risk. Invest a little today and start growing that culture that will ensure the business’ future.
* Riaan Bekker, Riskonnect Solutions Manager, thrive
New iPhone pricing for SA
The iStore has announced that the latest iPhones, the Xs and Xs Max, can now be pre-ordered at www.myistore.co.za , and will be available in stores starting 28 September 2018.
|iPhone Xs and iPhone Xs Max feature 5.8-inch and 6.5-inch Super Retina displays that offer remarkable brightness and true blacks while showing 60 percent greater dynamic range in HDR photos. iPhone Xs and iPhone Xs Max have an improved dual camera system that offers breakthrough photo and video features, A12 Bionic chip with next-generation Neural Engine, faster Face ID, wider stereo sound, longer battery life, splash and water resistance,
Pre-orders will be open for cash purchases and on iStore’s revised payment plan in partnership with FNB Credit Card, allowing customers to pay off their iPhone at a reduced interest rate. However, the contract period is 37 months rather than the usual 24 months.
Accenture opens Fjord design centre in Johannesburg
Accenture has launched its first design and innovation studio on African soil, Fjord Johannesburg.
The company says the move significantly expands its design capabilities and demonstrates its commitment to unlocking Africa’s innovation potential through the creation of experiences that redefine industries in our constantly evolving digital era.
The new studio, opening in November, will be located at Accenture’s new 3875m² offices in Waterfall. It will be led by Marcel Rossouw, design director and studio lead for Fjord Johannesburg.
Said Rossouw, “Brands are constantly asking, ’how does one take a business need or problem, build that out into a definition of a service experience, and then bring it to market?’ It’s about re-engineering existing service experiences, identifying customer needs, prototyping rapidly, iterating often and proving or disproving assumptions. But it’s also about getting feedback from customers. The combination of these factors helps companies advance towards the ultimate service experience.”
Fjord is the design and innovation consultancy of Accenture Interactive. The Johannesburg location marks its 28th design studio globally, solidifying its position as the world’s leading design powerhouse.
Working in the same location as Accenture Interactive will allow Fjord to fuse its core design strategy DNA with the digital agency’s expertise in marketing, content and commerce to create and deliver the best customer experiences for the world’s leading brands.
Accenture Interactive Africa‘s blend of intelligent design and creative use of technology has already been used by some of South Africa’s largest and most prominent brands, including Alexander Forbes, Discovery, MultiChoice and Nedbank. The digital agency has also earned industry accolades for its innovative and compelling business results, most notably two gold awards in the Service Design category at the 2017 and 2018 Loeries awards.
“Great design tells great stories,” says Wayne Hull, managing director of Accenture Digital and Accenture Interactive lead in Africa. “It unifies a brand, drives innovation and makes the brand or service distinctive and hyper-relevant in both the digital and physical worlds. This is critical to achieving results. Having Fjord Johannesburg as part of Accenture Interactive, and collaborating with all of Accenture Africa, will provide unique experiences and forward-thinking capabilities for our clients.”
“Businesses in South Africa are becoming more design-aware and are looking to take greater advantage of design skills to compete with the rest of the world,” said Thomas Müller, head of Europe, Africa and Latin America at Fjord. “We’re excited to open our first design studio on the continent and to be part of an emerging market that is ripe for design and innovation, and open for business. Developing markets like South Africa are challenging assumptions and norms about what digital services and products are meant to be, and we’ll strive to put design at the heart of the innovation being produced there.”