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FIG & KPMG Seminar highlights practical tips for managing risk during a pandemic

FIG held the second of its Autumn 2020 seminar series with speakers from KPMG providing practical tips for businesses to mitigate risk in the current climate.

Steve Davidson, chair of FIG Norwich, introduced the session and gave some background information on FIG, including the group’s core values (Collaboration, Innovation, Responsibility and Community) and purpose: to develop a thriving financial cluster in Norwich that is recognised internationally as a centre of excellence for insurance, financial and other related professional services. He then went on to share a number of recent FIG activities, including the launch of the COVID-19 hub on the FIG website, June’s Business Survey, the Trade Directory reaching the 100 member milestone and the successful events series which launched this year. Steve finished by introducing the speakers from KPMG, Lynn Yallop – Business Lead, Risk Consulting East Anglia; Kathryn Wasteney – Senior Manager, Forensic; and Neil Clarke – Director, Cyber Security.

Steve Davidson’s FIG intro slides

KPMG’s three presenters covered practical topics for direct application by local firms across the region. Lynn Yallop spoke about general risk management strategies, providing a helpful lens through which to view risk appetites, assessment, culture, reporting and governance. She brought in specific examples of companies getting risk wrong, such as Wells Fargo’s $185m fine for inappropriate sales practices and GM’s recall of 3.1m motors. Attendees were challenged to embed risk management frameworks within their business operations and provided tools to do so. Risks specific to COVID-19 were also discussed, not only rapid risks such as financial management, supply chain and business resilience, but also cyber risks such as increased phishing, impacts to the accuracy of forecasting and considerations around returning to the workplace such as wellbeing, effective working, engagement and technology.

Kathryn Wasteney took over from Lynn and provided a deep dive into fraud. She started by asking the audience to consider how much information they give away through their online activity before running down a list of popular scams being perpetrated on the digitally unprepared. Again, case studies were presented such as fake emails purporting to be from HMRC and supposed TV license refunds. Kathryn then provided useful tips on how to keep you and your company safe while retaining a robust digital presence: increasing password length and complexity, verifying the source of suspicious emails  or contacting the customer service department, refusing to give out access to your computer or pay money without formal confirmation.

KPMG risk presentation

After two informative presentations, we heard from Neil Clarke. Unfortunately, having been cut short due to connection issues, Neil has kindly provided the following guidance around ransomware, and his slides can be viewed in the KPMG risk presentation. It was a disappointment to miss Neil’s presentation, but hopefully there will be an opportunity for Neil to share his experience with FIG community in the future.

KPMG Ransomware readiness

After a lively Q&A session, the event concluded with both Steve Davidson of FIG and the KPMG presenters urging attendees with further questions to get in touch via to continue the discussion.

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