COVID-19: Building Resilience
6 April 2020
Looking at the finance and legal side of risk, we heard from the panel how their organisations are keeping up with regulatory changes and their priorities when it comes to decision-making. Here are some key takeaways from the discussion:
- The panel agreed that being in risk management changed their perspectives towards their finance and legal roles, giving them a broader view of the effects of their decisions to the business.
- As for the current situation brought about by COVID-19, some of the participants already find themselves at the recovery phase, although many uncertainties still lay ahead.
- For some risk managers, it has been a challenge to keep up with unpredictable regulatory changes which could vary from state to state.
- The panel broke down their priorities into two: keeping people safe and keeping people moving
- It has been a good reminder for us risk managers to not leave a good crisis to waste and to even leverage on it to further demonstrate the value of risk management to the business.
Some questions asked by the audience:
- In this period of COVID-19, how can risk managers ensure hiring and building talent?
- Do your organisation's BCPs go both deep and long?
- For those in the manufacturing industries, how are you addressing your supply chain risks?
Post COVID-19: The Future of Risk Summary
30 March 2020
In this Dynamic Huddle, we saw the panelists' take on the social, mental and digital factor of the pandemic and how they are considering these aspects in their organisations' risk management efforts. Here are some key takeaways from the discussion:
- Risk managers express that in face of challenges brought about by the pandemic, they witness the solidarity of the people in their own organisations coming together to prepare for its effects.
- Despite the remarkable work being done, many would likely agree that there are consequences that have not been thought through and that we have yet to see the full effects of COVID-19.
- Organisations should also take action against the impact of the current situation on their employees' mental health.
- This crisis could be a trigger for organisations to rethink their supply chain strategies.
- As for the social effects of the pandemic, we see heightened traffic on digital platforms for day-to-day activities; however it is instinctive for people to go back to physical/traditional platforms.
- On the silver lining, this is a unique opportunity for risk managers to demonstrate the importance of our roles.
Some thought-provoking questions raised:
- Will this crisis open the doors for risk managers to be more involved in their organisation's strategic planning and decision-making?
- Does this accelerate the move to digitalisation?