A solid enterprise risk management (ERM) practice can provide value across an organisation and instead of hampering performance, can help to improve it.

Adding value with an enterprise risk management (ERM) strategy

More organisations are adopting an enterprise-wide approach to risk management, helping them to identify, assess, prioritise, prepare and monitor for potential dangers. For businesses operating in highly regulated sectors, risks such as changing regulations and employee ‘work-arounds’ can be assessed from a strategic lens. Potential impacts across teams analysed and proactively managed.

Prevention is better than a cure

An ERM strategy adds value by helping to ensure the warning signs for risks and dangers don’t fall through…


We’re hearing more and more businesses and governments talk about compliance management — but what’s involved in setting up good compliance management systems and processes?

What can go wrong?

Firstly, let’s look at why compliance matters.

When compliance management systems are lacking, your business may be exposed to a range of risks. Your employees are on the frontline and they represent your business to your customers. If you don’t have compliance systems in place relating to employee behaviour you can be at risk of call centre staff and consultants breaching rules and procedure by error, through misinterpretation of guidelines, or through deliberate acts.

Serious…


Investing in your people involves more than running training workshops but offers great rewards.

You’ll see results

Businesses regularly invest in systems, processes, hardware, and software, but investment in people development is not always as consistent. There is often a long time between drinks. We all need to update our skills to be at our best, but not all people development programs deliver long-term results.

Investing in people can be a little trickier than organising system upgrades. Many businesses run one-off programs that promise big results — but when people return to their day-to-day work activities, they quickly forget what happened in the…


Making sure that your people follow business processes , represent brand values and comply with regulations seems like a no-brainer. But as we’ve seen (the handing out of financial penalties for non-compliance recently springs to mind) oversight and checkpoints are not always as robust as they should be . If you need a reminder as to why you need to improve your compliance management in 2021 read on.

Create a more agile workforce

In the past year we’ve seen the need for businesses to be agile. Businesses have to be able to respond to a range of disruptions — whether they are global events …


A beginning of a new year is a time when many of us think about resolutions and resetting. The start of this year feels a bit like a re-set in itself after the turmoil of 2020. A vaccination program is on the way and over summer many of us have experienced what a ‘COVID-normal’ world may look like.

After a year where so many businesses were forced into a purely reactive mode, we wondered what businesses could resolve to do better in 2021. We came up with 5 simple resolutions.

1. Invest in your people

Last year businesses were given the opportunity to see the…


At YakTrak we believe that a healthy mind is just as important as a healthy body. Feeling good and functioning well contributes to overall wellbeing, and it’s important for us, our staff, our clients and their teams.

So we’re proud to announce that we’ve joined the Royal Melbourne Hospital to promote 5 Ways to Wellbeing — a simple set of evidence-based guidelines that can help us live happier lives and improve our ability to cope with stress.

Keep mind-fit, not just body-fit

Just like physical fitness, you can strengthen your mental health in lots of ways.

5 Ways to Wellbeing draws on international research and…


What 2020 taught me

by Brad Thomas

You would be hard pressed to find a human being or business that hasn’t been impacted by the year that was. YakTrak and our team are no exception.

I could write about how amazing our team has been with the transition to working from home and handling it all like absolute champs. I could talk about how lucky we are to have a product that, unbeknown to us at inception, supports organisations working from home during a pandemic.

I could even talk about how COVID forced us to critically analyse our business strategy and what we have…


As we’ve seen this year businesses need to be ready for the unexpected. COVID-19 has shown how organisations can be vulnerable to external threats, and, perhaps more importantly, how an organisation’s ability to respond to changed circumstances can mean survival. The businesses that have been able to swiftly shift operational models, ‘pivot’, or even reinvent their business strategy have been better placed to withstand the impacts of the pandemic.

While a tactical reinvention or pivot might be the best response, it’s not always easy to implement. The ability to be agile requires planning and preparation. …


Is your organisation tied to the idea of holding performance management reviews with your team once or twice a year? It might be time to consider if your reviews are delivering on their good intentions.

Traditional performance management takes a top down approach that often focuses on an annual appraisal. It’s a model that’s used by many businesses and it appeals because of its ability to tie performance goals to an organisational strategy. It also is seemingly easy to implement — assess staff based on performance goals, set associated training objectives and quickly wrap up an often-awkward conversation.

However, research…


Businesses know they need to meet compliance requirements, but having visibility and clear paths for remediation can prove tricky.

How can YakTrak help?

YakTrak provides visibility and can help to remediate conduct risk breaches through targeted coaching. Watch the 90-second video to see how YakTrak can help you manage conduct risk.

https://youtu.be/BdBh38z59cQ

Read more about how YakTrak can help with your compliance management using our conduct risk tool.

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Originally published at https://www.yaktrak.com.au on November 16, 2020.

Brad Thomas

Brad Thomas

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