Innovation in Compliance with Tom Fox How IsoMetrix is Disrupting Compliance with John Castner
John Castner says he had a ‘Sliding Doors’ moment, which led him to leave his teaching career to move into the software industry. John is the President and CEO of IsoMetrix, a risk and compliance management software company. Via their software, John says, “We focus on three things: change for good, partnerships that empower, and the possibility of a better world.” John joins Tom Fox on this week’s show to share how his company is disrupting the risk and compliance industry.
Moving Towards True Risk Management
Tom asks John to explain the difference between simply compliance and true risk management. John responds that risk management at its heart is really about understanding people and how we make decisions. People make decisions based on risk, not compliance, he argues. As such, companies should create a culture where people think about their decisions and the risks associated with the choices they make. “What I think risk management does versus compliance,” John comments, “is it forces another level of thinking, of assessing and then acting accordingly.” A risk-based decision-making approach gives people more ownership and accountability for their actions.
Disrupting Integrated Risk Management
John offers three ways IsoMetrix is disrupting the risk and compliance industry. Firstly, they believe in the interconnectedness of all parts of the business. Their software architecture breaks down the silos seen in traditional organizations and uses “golden threads” that show how each data point relates to every area of the business. Secondly, IsoMetrix posits that a company’s social capital greatly influences its sustainability and risk management. Lastly, John says, they are different because they embrace change and challenges.
Sustainability Post-COVID
Tom and John discuss the concept of sustainable business in the post-COVID world. John believes that the understanding of sustainability is shifting. “I think what COVID is going to do is make that word sustainability more holistic, almost like a circular concept... And I think that's going to include a lot of the decisions about the interconnectedness of all the various aspects of your business,” he points out. If you don’t focus on Environmental, Social and Governance (ESG) and sustainability, your business is at risk.
Resources
IsoMetrix on LinkedIn | Twitter
John Castner on LinkedIn