COVID-19: Top Risk Managements Tool to Use

Covid-19 has shown how volatile our environment is. It underscores the need for better risk management. As of this writing,  there is no light yet on how it will end. However,  the risk management frameworks learned from previous crisis should cushion panic and unwarranted reactions to this unfortunate event. Learning from SARS and Avian Flu, contagion should have been part of the extreme scenarios to expect. Thus, risk mitigants should have been included.  With Covid-19, these mitigants and tools should be invoked and find its  usefulness to mitigate losses.

The top three most relevant tools are Business Continuity Plan, Contingency Funding Plan and Risk Forecasting. 

1. Business Continuity Plan…

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Enhance Operational Risk Management

 An effective Operational Risk Management is asking the right institution-specific  and business-specific questions and implementing the right programs, which are  tantamount to preventing risk and finding the right solution. It has been said by 17th century thinker that a ship is not a ship if it remains in harbor. In similar manner, a bank is not a bank if it does not take risk.  However, given the technological changes where risk can arise in a click of a mouse, the Philippine  institutions must change its understanding and paradigm towards risk and controls and spend sufficient resources for Operational Risk Management. Read More: https://www.opsriskexcellence.com/

Challenges in Operational Risk Management Transformation

In going through the operational risk transformation, the key challenges are: Data Management, System Integration, Organizational Awareness, Staffing and…. Read More: https://www.opsriskexcellence.com/challenges-in-orm-transformation