The close, consolidate, and reporting cycle needs to integrated risk management reporting with their standard monthly and year-end reporting cycles

1. What is Crisis
Management and
how do you best
handle Crisis
PAUL YOUNG CPA CGA
AUGUST 9, 2020

2. Paul Young - Bio
 CPA, CGA
 Financial Solutions
 Academia
 SME – Risk Management
 SME – Close, Consolidate and Reporting
 SME – Public Policy
 SME – Financial Solutions
 SME – Supply Chain Management Contact information:
Paul_Young_CGA@Hotmail.com

3. Agenda
 What is crisis management?
 Why has the public sector been bad at crisis
management?
 What government needs to do
 United Nations role
 Accounting Bodies
 Technology
 Summary

4. What is Crisis
Management?
Source -
https://www.investopedia.co
m/terms/c/crisis-
management.asp

5. Crisis Management and Public Sector
Source - https://www.govtech.com/em/preparedness/Report-Weve-Failed-Miserably-at-Preparedness.html
• The world needs to be unified it how best to manage potential crisis.
• The UN has become more about pushing Agenda 2030 than looking at how best to protect world
from geo-political events –
• Government does not do enough of auditing crisis management, i.e. pandemics geo-political events
including risk assessment and outcomes
• Source - https://www.slideshare.net/paulyoungcga/global-risk-and-how-to-implement-a-risk-
management-to-your-organization
• Government focus is too narrow
• focus in of government is very short-term, i.e. winning election and holding power -
https://www.slideshare.net/paulyoungcga/public-sector-how-to-reform-all-levels-of-government

6. What does
government
need to do
 All government need include crisis
management as part of their risk framework
 Geo-political events should be reviewed
on monthly basis with reports being made
available to public in terms of mitigation
strategies
 External and Internal auditors should be
review government’s risk framework
including crisis management as way to
assess the risk impact to public.
 Crisis Management and Risk Management
should be separated from government
into specific department, i.e. provincial,
state and federal
 Local risk and crisis management reports
for local government should be reviewed
by external auditors as part the annual
filings.

7. Accounting
Bodies
 FASB / Loans - https://www.risk.net/risk-
management/7507111/cecl-working-as-
intended-amid-covid-19-crisis-says-fasb
 IFRS Control Group/Crisis -
https://www.ifrs.org/groups/financial-crisis-
advisory-group/
 CPA Canada -
https://www.cpacanada.ca/en/business-
and-accounting-resources/strategy-risk-
and-governance/enterprise-risk-
management?page=5

8. United Nations
role
 UN needs to refine its purpose that includes
putting focus on handling of geo-political
events
 UN funding for all its programs should have
internal and performance audits to ensure
the various programs are efficient, effective
and take into consideration risk
management.
 UN needs to stop pushing Agenda 2030
and go back to its post WWII agenda -
https://www.history.com/topics/world-war-
ii/united-nations
 UN’s various organization need to provide
audited annual reports of effectiveness of
their policies
 UN needs to provided audited reports on
their action to combat geo-political events

9. Technology
 RPA / Crisis Management -
https://www.automationanywhere.com/company/
blog/rpa-thought-leadership/protecting-your-
business-from-the-next-crisis or
https://www.idginsiderpro.com/article/3543836/h
ow-rpa-helps-organizations-deal-with-a-global-
crisis.html
 AI and Crisis Management -
https://www.neosperience.com/blog/crisis-
management-how-the-ai-can-take-part-on-it-
successfully/
 IBM / Crisis Management -
https://www.ibm.com/industries/government/pub
lic-safety/intelligent-operations-center-
emergency-management

10. Summary
 UN and countries around the world need to stop re-
inventing the wheel when it come to geo-political events.
There needs to be integrated strategy by UN with its
member to develop an overall risk framework including
committees that can help mitigate risk
 All business and government need to implement the COSO
risk framework including crisis management policies and
procedures.
 World leaders need to become proactive not reactive to
events.
 Scenario Planning should be added to the close,
consolidate, and reporting cycle -
https://www.ibm.com/blogs/business-analytics/scenario-
modeling-key-readiness-2018/ or