Invited by Syliva at The Institute of Internal Auditors (IIA), the world's biggest internal auditing and risk certification and training organisation, with over 220,000 members.
Matthew GriffinFounder, President and Futurist, 311 Institute
G7 · G20governments advised
850+keynotes
102countries
17codexes
Finance and banking sessions forAfricaONEShawbrook BankStandard Chartered BankWolters KluwerCrown Prince CourtUAE Financial Markets Association
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Syliva at The Institute of Internal Auditors (IIA), the world's biggest internal auditing and risk certification and training organisation with over 220,000 members, invited Matthew to present on the future of auditing and of technology and non-technology risk.
In the hour-long virtual keynote he drew on his own experience of working with the boards of many of the world's largest organisations to surface the most common top level corporate risks he sees. These included competition risks, culture risks, and the literal virtual risks emerging in the Metaverse and Web 3.0, many of which no one yet has answers for.
"With CEOs only directly influencing 45% of the things that happen to their company today, it is more important than ever for organisations to be Reed-like, both resilient and flexible."Matthew Griffin, Virtual, November 2022
With CEOs directly influencing only 45% of what happens to their company, and the other 55% shaped by things outside their control, he argued that organisations need to be 'Reed-like': both resilient and flexible. It may sound like an oxymoron in a VUCA world, but it is becoming more important than ever that auditors and leaders balance those competing agendas together.
Having laid that groundwork, he spotlighted the many further challenges and risks companies face across the social, technological, economic, environmental and political (STEEP) spectrum. He doubled down on technology-led risk, much of which increasingly looks like something out of a sci-fi movie rather than a regular business environment.
311 Intelligence
What this means for your leadership team
Most risk sits outside your control.
Matthew told the IIA that CEOs directly influence only 45% of what happens to their company. The other 55% comes from forces they cannot steer. Audit plans built only around internal controls will miss much of the exposure.
Resilient and flexible, together.
The 'Reed-like' idea sounds like an oxymoron in a VUCA world. Resilience without flexibility leaves a firm rigid, and flexibility without resilience leaves it fragile. Auditors and leaders need to hold both agendas at once.
Virtual risks have no settled answers.
Risks emerging in the Metaverse and Web 3.0 are real, and many have no answers yet. Competition and culture risks sit beside them, and technology risk increasingly looks like sci-fi. Boards should map the full STEEP spectrum, not just the familiar threats.
Three questions for your next leadership meeting
Which of our risks sit in the 55% we cannot control?
Where are we resilient but rigid, or flexible but fragile?
Who owns risks that no one yet has answers for?
The trends and technologies behind this session
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
It means risk work must reach beyond what a CEO directly controls. With only 45% of outcomes directly influenced, organisations need to be both resilient and flexible. Auditors have a role in testing both, across social, technological, economic, environmental and political risks.
How does the Metaverse trend relate to the keynote?
Matthew named the Metaverse and Web 3.0 as sources of virtual risk with few answers. 311 data shows Metaverse hype has faded into a slower build of shared virtual worlds, games and mixed reality spaces. Its action level is Explore, with wide use around 2035, so risk teams have time to prepare.
How do algorithmic audits relate to the keynote?
The keynote stressed technology-led risk that looks like sci-fi. Algorithmic audits are independent checks of algorithms for bias and safety. 311 data shows them moving from research niche to legal requirement, with wide use around 2029 and an action level of Prepare.
How can 311 brief our leadership team on this?
311 offers a private executive briefing or leadership workshop, tailored to your sector, in person first.
Bring this to your leadership teamA private executive briefing or leadership workshop, tailored to your sector. In person first, anywhere in the world.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s session and 311 data.
If Matthew gave this session today
Build your own scenarios, then turn them into strategy.
The codex brings together the latest strategic foresight methods and helps leaders develop their own scenarios and turn them into strategy, the kind of thinking auditors need to balance resilience and flexibility.
