How we manage emerging and apparent risks is everyone’s responsibility across the Newable Group. With our ambitious growth plans for the next five years, effectively managing our risks is increasingly important.
Our culture encourages open and honest discussions about risks and opportunities. We have a framework in place to identify and manage risks effectively. We raise and maintain awareness of risks proactively, encouraging employees to voice concerns which are then promptly escalated to the appropriate level.
We dedicate significant time to assessing risks, identifying controls, and ensuring their effective management, and each department lead is responsible for updating, evaluating and monitoring a Risk Register which outlines all current and emerging risks that their teams and divisions face. One operational risk we closely monitor is the potential for fraud, and we regularly review our preparedness for this risk.
In January 2024, we conducted a Fraud Culture Survey among 60 senior managers and key finance staff across the Newable Group to understand our counter-fraud and bribery culture. The survey covered aspects like organisational culture, policies, procedures, and reporting of suspected fraud and bribery. It revealed that senior leaders view fraud and bribery as major risks and take any suspicions seriously. However, it also highlighted the need for more accessible fraud and bribery awareness materials.
Following the survey, participants attended workshops in February, conducted by our partner RSM, to share best practices in detecting fraud and bribery and to strengthen our counter fraud culture. Additionally, after updating our Risk Appetite and Management Framework, we communicated these changes through tailored e-learning sessions for all staff.
By taking a proactive approach to risk management, we reduce the chances of issues arising and minimises their potential impact. This prepares us for the unexpected by mitigating risks before they occur.