It’s been a bumpy couple of years for risk managers. Rapid transitions to remote working and hybrid workplace models have come with new challenges.
Fortunately, we’ve all had some time to adapt. Globally, organizations of all sizes have put measures in place to manage new ways of working.
A 2021 PwC Survey states that risk professionals are now “seeing the upside that can come with a reimagined hybrid workforce”.
However, it remains important to address the associated risks and opportunities.
2021 PwC survey: hybrid workplace risks
PwC’s US Pulse Survey reports on feedback from chief risk officers (CROs) and company leaders on the risks they’re most concerned about for the year. The 2021 report focused on hybrid workplaces and remote work challenges.
These are the issues viewed as major challenges and the percentages of CROs concerned about them:
- innovation opportunities (30%)
- different treatment of on-site versus remoter workers (27%)
- impact of hybrid work on revenue growth (27%)
- effective cybersecurity measures (24%)
- sufficient technology tools to support hybrid work (21%).
Continue to adapt risk plans
Risk management needs continuous adaptation and reassessment. When managing the risks associated with hybrid workplaces, companies must keep monitoring their plans to identify and manage new risks arising from this way of working.
As your team adapts to a hybrid workplace model, your risk plan may need to deal with new issues.
For example, an onsite or virtual security operation center might need to be set up to proactively manage how team members adapt to this new way of working.
Cybersecurity risks increase with remote working, so security awareness training is important.
As members return to the office, consider which remote capabilities to keep in place and which to dismantle.
Opportunities associated with the hybrid workplace
Once the risks of a hybrid workplace have been managed and mitigated, opportunities present themselves. These opportunities can have a positive effect on businesses of all sizes.
The advantages include:
- Increased productivity Many team members have improved productivity from a reduction in distractions.
- Better employee satisfaction Employees are allowed to work in an environment that suits their temperament.
- Reduced overheads Hybrid workplaces combine traditional office space with remote workspaces to reduce overall office expenses.
- Improved mental health A reduction in commutes and more suitable workplaces help employees have a better work-life balance.
- Better collaboration Remote technologies improve communication and collaboration through virtual meetings.
Embracing digital transformation
The pandemic fueled the adoption of new technologies that streamline company procedures and communication, especially with remote workers.
According to the PwC Survey, more than half of risk executives see this as the ideal time to adopt technology offerings for virtual teams.
These include cloud-based solutions for risk assessment and quality control.
Impact on third-party relationships
Interactions with third parties took a knock during the pandemic.
Most risk leaders don’t expect these interactions to return to pre-pandemic levels. Instead, online interactions with third parties have become a new norm.
For example, remote audits by external authorities are increasingly common.
Importance of managing third-party risks and opportunities
Third-party interactions may not be taking place so much in person. However, there’s new awareness of the importance of business relationships.
It may be no coincidence that the ISO chose 2021 to release a brand new standard, ISO 44003:2021 (Collaborative business relationship management — Guidelines for micro, small and medium-sized enterprises on the implementation of the fundamental principles). This is designed to guide SME efforts to leverage their business relationships.
Healthy relationships with other businesses can be key to surviving uncertain times. This is true especially for smaller businesses.
Positive relationships with suppliers, partners, distributors, retailers and so on can be crucial, especially in difficult times. This points to the value of managing third-party risks and opportunities.
isoTracker’s risk management software
isoTracker offers a modular quality management software system that includes a risk management module.
Our subscription-based software is well suited to the hybrid workplace and to managing associated risks and opportunities. It’s also suitable for managing third-party risks.
This is because it’s cloud-based and centralized, offering secure remote access from anywhere in the world. It’s also quick to set up, intuitive and designed to be affordable for small to medium companies.
Contact us online to find out more about our centralized risk management software or start a free 60-day trial (with free support) to try the software for your company.
