The risk of corporate memory loss creates significant exposure for many organisations and often gets forgotten when it comes to the corporate risk register.
Organisations, through their people and activities, create a trove of memories, experience and expertise. Some will be positive ones, linked to successes, growth and the efficient handling of disruptive events, whilst others may be somewhat painful memories related to accidents, failures, losses and mishandling of incidents and events. The concept of corporate memory, also called institutional memory or organisational memory, is the accumulation of data, knowledge and experience, and the preservation and use of it throughout the organisation’s lifespan.
Incorporating corporate memory into an organisation’s strategy means studying, reflecting and learning from previous events and experiences, good and bad, and including the lessons identified into the policies, procedures and day to day practices to ensure they become lessons implemented.
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