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
Welcome to world of 2099
The world of 2099 will be unrecognisable from the world of today, but it can be predicted, says one visionary. ARTHUR GOLDSTUCK met him in Singapore.
Futuristic structures tower over the landscape. Giant, alien-looking trees light up with dazzling colours amid the hundreds of plant species that grow up their trunks. Cosmetic stores sell their wares via public touch-screens, with products delivered instantly in drawers below the screens.
This is not a vision of the future. It is a sample of Singapore today. But it is also an inkling of the world we may all experience in the future.
Singapore was the venue, last week, of the World Cities Summit, where engineers, politicians, investors and visionaries rubbed shoulders as they talked about the strategies and policies that would enhance urban living in the future.
As part of the Summit, global payment technologies leader Mastercard hosted a small media briefing by one of Singapore’s leading thinkers about the future, Dr Damian Tan, managing director of Vickers Venture Partners. The company’s slogan “We invest in the extraordinary,” offers a small clue to Tan’s perspective.
“We look as far forward as 2099 because, as a venture capital firm, we invest in the long term,” he tells a group of journalists from Africa and the Middle East. “Companies explode in growth because there is value in the future. If there is no growth, they won’t explode.”
The big question that the Smart Cities Summit and Mastercard are trying to help answer is, what will cities look like in the year 2099? Tan can’t give an exact answer, but he offers a framework that helps one approach the question.
“If you want to look at 81 years into the future, and understand the change that will come, you need to double that amount and look into the past. That takes us to 1856. The difference between then and now is the difference you can expect between now and 2099.”
Click here or on the page link below to read on: Page 2: Soldiers and Health in 2099.
- Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter on @art2gee and on YouTube
Street art goes electric
Kaspersky Lab and British street artist D*Face have unveiled the first-ever “art helmet” design at the Formula E finale for electric cars in New York.
The ‘Save The World’ helmets will be raced by DS Virgin Racing’s drivers, Sam Bird and Alex Lynn, as they traverse the New York street circuit during the final races of the Formula E season.
The announcement signals the first art helmet by a Formula E team, continuing the heritage of art in motorsport and the cybersecurity brand’s commitment to contemporary art, creativity and innovation. D*Face took inspiration from Kaspersky Lab’s tagline, “A Company To Save The World”, and hopes that his colourful work will inspire people to take positive action.
D*Face will announce his first-ever art car design with a custom-made livery for the DS Virgin Racing Team. Its design will be released at the “Art Goes Green” event after Saturday’s race. The helmets and art car are the latest installations in the “Save the World” collection, following a major permanent public mural that was installed in Brooklyn, New York, in May.
D*Face, whose real name is Dean Stockton, said: “It is exciting to work with Kaspersky Lab on this project and create art with a real message of hope for a better future. After all, this is our world and we need to look after it. It will take every one of us to make a real lasting, impactful change. I love the mentality of the DS Virgin Racing Team and that of Formula E by showcasing sport in a way that doesn’t harm the environment, but is still just as exhilarating and fun.
“It is time for us all to stand together and make a change… be that stopping data steals, climate change, plastic waste or using damaging fuels. I want everyone to make a pledge to do one thing that will help make a change.”
As a sponsor of DS Virgin Racing Team, Kaspersky Lab is responsible for protecting the team’s devices against cyber threats. The company sees the technical environment in the global sport of Formula E as the next frontier in furthering its research and development of new technologies to keep vehicles secure in the digital world.
Sylvain Filippi, Managing Director at DS Virgin Racing, said: “The whole team fully supports this great initiative and our thanks got to Kaspersky and D*Face for their collaboration. It’s an honour to have such an innovative artist bring his talents to bear in our team ahead of the season-finale; the car, drivers’ crash helmets and mural all look amazing.”
Aldo Fucelli Pessot del Bo, Head of Global Partnerships and Sponsorships at Kaspersky Lab added: “There is a need for innovation on a global scale, both in contemporary art and in the fast-growing sport of Formula E. Now, for the first time ever, Kaspersky Lab is proudly bringing together the two sectors in an effort to Save the World and unleash creativity, encourage freedom of expression and further innovation.”