The presentation explores how risk management can be agile and robust to be able to respond to the dynamics of the environment especially with respect to the global Covid-19 pandemic.
The paper draws a distinction between risk-based and risk-informed [RIDM] decision making process and highlights the importance of RIDM is corporate sustainability.
C-Suite’s Guide to Enterprise Risk Management and Emerging RisksAronson LLC
Significant opportunities remain for organizations to continue to strengthen their approaches to identifying and assessing key risks. This program will provide an overview of Enterprise Risk Management (ERM) best practices and current emerging risks that should be on your radar for 2018.
Watch the complete webinar here: https://aronsonllc.com/c-suites-guide-to-enterprise-risk-management-and-emerging-risks/?sf_data=all&_sft_insight-type=on-demand-webinar
The paper draws a distinction between risk-based and risk-informed [RIDM] decision making process and highlights the importance of RIDM is corporate sustainability.
C-Suite’s Guide to Enterprise Risk Management and Emerging RisksAronson LLC
Significant opportunities remain for organizations to continue to strengthen their approaches to identifying and assessing key risks. This program will provide an overview of Enterprise Risk Management (ERM) best practices and current emerging risks that should be on your radar for 2018.
Watch the complete webinar here: https://aronsonllc.com/c-suites-guide-to-enterprise-risk-management-and-emerging-risks/?sf_data=all&_sft_insight-type=on-demand-webinar
A new emphasis on enterprise risk management from regulators has heightened awareness among bankers to get educated and adopt these best practices at their institution. In response to this increased focus, the RMA ERM Council developed the ERM framework and associated competencies, which became the foundation for a series of highly practical workbooks for implementing effective ERM.
Enterprise Risk Management and SustainabilityJeff B
An overview of our endeavors at implementing ISO 31000 enterprise risk management and the importance of establishing good risk culture within the company.
Enterprise Risk Management (ERM) is the process of planning, organizing, leading, and controlling the activities of an organization in order to minimize the effects of risk on an organization's capital and earnings.
Enterprise Risk Management expands the process to include not just risks associated with accidental losses, but also financial, strategic, operational, and other risks.
In recent years, external factors have fueled a heightened interest by organizations in ERM.
Industry and government regulatory bodies, as well as investors, have begun to scrutinize companies' risk-management policies and procedures.
In an increasing number of industries, boards of directors are required to review and report on the adequacy of risk-management processes in the organizations they administer.
Since they thrive on the business of risk, financial institutions are good examples of companies that can benefit from effective ERM.
Their success depends on striking a balance between enhancing profits and managing risk.
In order for any enterprise to properly, effectively, and prudently manage their future growth, Business Strategy needs to be sustained by modern Enterprise Risk Management (ERM) principles and practices.
The Enterprise Risk Management discipline is not anymore a separate management profession or kinky management way, but rather it is a core competency that all organizations and executives must have in this Global Age. It should be a way of life for all.
The importance of risk management in businessr2financial
R2 Financial Technologies provides multi-asset risk analytics and risk intelligence to all sorts of business decision makers. Visit their website today to learn more http://www.r2-financial.com/.
A new emphasis on enterprise risk management from regulators has heightened awareness among bankers to get educated and adopt these best practices at their institution. In response to this increased focus, the RMA ERM Council developed the ERM framework and associated competencies, which became the foundation for a series of highly practical workbooks for implementing effective ERM.
Enterprise Risk Management and SustainabilityJeff B
An overview of our endeavors at implementing ISO 31000 enterprise risk management and the importance of establishing good risk culture within the company.
Enterprise Risk Management (ERM) is the process of planning, organizing, leading, and controlling the activities of an organization in order to minimize the effects of risk on an organization's capital and earnings.
Enterprise Risk Management expands the process to include not just risks associated with accidental losses, but also financial, strategic, operational, and other risks.
In recent years, external factors have fueled a heightened interest by organizations in ERM.
Industry and government regulatory bodies, as well as investors, have begun to scrutinize companies' risk-management policies and procedures.
In an increasing number of industries, boards of directors are required to review and report on the adequacy of risk-management processes in the organizations they administer.
Since they thrive on the business of risk, financial institutions are good examples of companies that can benefit from effective ERM.
Their success depends on striking a balance between enhancing profits and managing risk.
In order for any enterprise to properly, effectively, and prudently manage their future growth, Business Strategy needs to be sustained by modern Enterprise Risk Management (ERM) principles and practices.
The Enterprise Risk Management discipline is not anymore a separate management profession or kinky management way, but rather it is a core competency that all organizations and executives must have in this Global Age. It should be a way of life for all.
The importance of risk management in businessr2financial
R2 Financial Technologies provides multi-asset risk analytics and risk intelligence to all sorts of business decision makers. Visit their website today to learn more http://www.r2-financial.com/.
COVID-19 has turned into a global crisis, evolving at unprecedented speed and scale. It is creating a universal imperative
for governments and organizations to take immediate action to protect their people.
It is now the biggest global event—and challenge—of our lifetimes. As such, it is changing human attitudes and behaviors today and forcing organizations to respond. However, the need to respond won’t end when the virus’s immediate threat eventually recedes.
COVID-19: Redefining The Role of Leadership in Your OrganizationMarianne Harness
Leadership during COVID-19 is challenging situation. Read this blog to find out how you can maneuver through the crisis safely and emerge as resilient.
م.13
الزملاء الأفاضل
نرحب بحضراتكم مع
مبادرة #تواصل_تطوير
المحاضرة الثالثة عشرة من المبادرة مع
الأستاذ الدكتور/ أكرم حسن
استاذ إدارة المشاريع
بعنوان
" إدارة الأزمات الطارئة"
التاسعة مساء بتوقيت مكة المكرمة السبت 30مايو2020
وذلك عبر تطبيق زووم وقناة اليوتيوب الخاصة بالجمعية
https://us02web.zoom.us/meeting/register/tZcucOGqqzMjHNUySFv0juRs7-rGOY5SZh_E
علما ان هناك بث مباشر للمحاضرة على القنوات الخاصة بجمعية المهندسين المصريين
ونأمل أن نوفق في تقديم ما ينفع المهندس ومهمة الهندسة في عالمنا العربي
والله الموفق
للتواصل مع إدارة المبادرة عبر قناة تيليجرام
الرابط
https://t.me/EEAKSA
ومتابعة المبادرة والبث المباشر عبر نوافذنا المختلفة
رابط اللينكدان والمكتبة الالكترونية
https://www.linkedin.com/company/eeaksa-egyptian-engineers-association/
رابط قناة الفيسبوك
https://www.facebook.com/EEAKSA
رابط قناة اليوتيوب
https://www.youtube.com/user/EEAchannal
رابط التسجيل العام للمحاضرات
https://forms.gle/vVmw7L187tiATRPw9
Supply chain, a risk management survey results and analysisSimone Luca Giargia
Due to its global nature and systemic impact on the firm’s financial performance, the supply chain arguably faces more risk than other areas of the company. Risk is a fact of life for any supply chain, whether it’s dealing with quality and safety challenges, supply shortages, legal issues, security problems, regulatory and environmental compliance, weather and natural disasters, or terrorism.
There’s always some element of risk.
Navigating the COVID-19 crisis | Ensuring business sustainabilityaakash malhotra
In these uncertain times, companies seek clarity on what could constitute a robust strategy to deal with short- to midterm implications (6–24 months) stemming from COVID-19.
Since the outbreak of Coronavirus, all industries are facing losses in huge numbers because of the lockdown and rapid spread of the virus. A scenario-based approach is required to combat the side effects caused by the virus. See More : https://www2.deloitte.com/in/en.html
The auto sector had already undergone considerable slowdown over the last 12-18 months due to structural changes beginning with goods and services tax, shift to shared mobility, axle-load reforms, the bharat stage-iv (bsiv) to bharat stage-vi (bs-vi) transition, liquidity crunch and so on. The covid-19 lockdown has had a multiplier effect – the industry has almost been at a complete standstill since 24 march. See More: https://www2.deloitte.com/in/en/pages/consumer-business/articles/covid19-response-for-automotive-companies.html
Impact of Changing World Politics in Managing RiskPECB
The webinar discussed how the Trump administration will manage risks during their governance and how it will have impact in the US as well as throughout the world. The likely changes that will occur during his administration and how these changes will affect the management of risk internationally are also mentioned.
Main points covered:
• Unique Risk Characteristics of Trump Administration
• International Aspect of Managing Risk
• Essential Steps to Managing Risk
• Current Approaches to Risk Management
• Involving Your Personnel Instead of Outsiders
• Foreseeing and Identifying Risk Prior to Impact
• Ranking Risk for Countermeasure Effectiveness
• Attaining Managed Risk!
Presenter:
Dr. Vernon Grose is the Chairman of Omega Systems Group and the author of the best-seller– “MANAGING RISK: Systematic Loss Prevention for Executives”, along with three other books, and over 60 professional papers. He has been an executive in 3 major US corporations and was appointed by President Ronald Reagan as a Member of the National Transportation Safety Board. His expertise has been solicited for over 500 TV interviews internationally involving aviation crashes and disasters. Appointed to the NASA Advisory Board for Apollo spacecraft missions, he has had the opportunity to meet 10 of the 12 men who walked on the Moon. Dr. Grose has taught graduate-level university courses in the US, Canada, Germany, Spain, and Mexico related to managing risk.
Link of the recorded session published on YouTube: https://youtu.be/6naMwZqpQL0
Similar to Managing Risks in Turbulent Times by Dr. Emmanuel Moore ABOLO (20)
This paper argues that SMEs are indeed engine of growth in most economies of the world, including Nigeria and goes further to propose strategies for propelling the sector for stellar and optimal performance
This paper was presented at the Future of SMEs Banking Conference organised by Business a.m on 27th November, 2019 in Lagos. For SMEs to be able to play the role of engine of growth, Banks and other financial services provider need to be creative in managing funding and credit risks.
This paper which I presented at a training program provides invaluable input into the concept, principles, features of Public Sector Reforms. It also explores the role of international organisations in PSR.
The paper describes the visioning process and how effective leadership can help transform individuals that would replace them through effective coaching for corporate sustainability.
This presentation highlights the point that great leaders are visionaries and usually transform, empower and mentor others to ensure sustainability of organisations.
This presentation provides a highlight of the key issues in the management of Market Risk. It touches briefly some of the elements of the Basel 2 Accord with respect to Market Risk
Some risks can be partially mitigated through thoughtfully designed, diversified investment strategies.Frontier markets offer an unfolding opportunity for investors who are seeking growth along with global diversification. But the risks of investing in these less mature markets need to be well understood.
Frontier-market investors should: · Make sure they are thoroughly educated about the asset class and its potential risks, including keeping up to date on developments in this fast-moving area of investment, especially since the “frontier” label refers to a shifting roster of nations. For example, Qatar and the United Arab Emirates graduated from frontier to emerging market status in 2014. ·Need to gain exposure to the asset class through a broadly diversified approach. · Incorporate an allocation to frontier markets in a broadly diversified portfolio. There is no doubt that the risks and costs of investing in frontier markets are greater than in emerging and developed markets.
But when it comes to some risk factors, such as fiscal stability, frontier markets may be less risky than many assume. Beyond that, some risks can be partly mitigated through thoughtfully designed, diversified investment strategies. It is possible that in some situations, adding a frontier markets allocation to a portfolio may actually lower its overall risk, given historically low correlations between FM, EM and developed market indices.
Additionally, frontier markets offer growth potential, and low correlations within markets and with other asset classes, along with relatively attractive valuations. These nascent markets represent an opportunity that growth-minded investors should not overlook.
This paper identifies the risks in financial inclusion from the perspective of both the user and provider with a viewing to staying out of the threat curve. The paper was actually delivered at the 1st Annual Financial Inclusion Summit in Nairobi, Kenya on July 1, 2016 at Sarova Hotel.
This material takes a pragmatic look at how the risks in the Treasury operations of a Bank can best be managed. It identifies the risks in the treasury function of a bank and highlights the need for an ERM approach for optimality.
This article argues that a Risk Manager needs to have a business mind to succeed and contribute to business performance. For every risk, there is an opportunity and no effective risk manager should be in haste to 'kill a business'.
This presentation by Morris Kleiner (University of Minnesota), was made during the discussion “Competition and Regulation in Professions and Occupations” held at the Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found out at oe.cd/crps.
This presentation was uploaded with the author’s consent.
Acorn Recovery: Restore IT infra within minutesIP ServerOne
Introducing Acorn Recovery as a Service, a simple, fast, and secure managed disaster recovery (DRaaS) by IP ServerOne. A DR solution that helps restore your IT infra within minutes.
Sharpen existing tools or get a new toolbox? Contemporary cluster initiatives...Orkestra
UIIN Conference, Madrid, 27-29 May 2024
James Wilson, Orkestra and Deusto Business School
Emily Wise, Lund University
Madeline Smith, The Glasgow School of Art
Have you ever wondered how search works while visiting an e-commerce site, internal website, or searching through other types of online resources? Look no further than this informative session on the ways that taxonomies help end-users navigate the internet! Hear from taxonomists and other information professionals who have first-hand experience creating and working with taxonomies that aid in navigation, search, and discovery across a range of disciplines.
0x01 - Newton's Third Law: Static vs. Dynamic AbusersOWASP Beja
f you offer a service on the web, odds are that someone will abuse it. Be it an API, a SaaS, a PaaS, or even a static website, someone somewhere will try to figure out a way to use it to their own needs. In this talk we'll compare measures that are effective against static attackers and how to battle a dynamic attacker who adapts to your counter-measures.
About the Speaker
===============
Diogo Sousa, Engineering Manager @ Canonical
An opinionated individual with an interest in cryptography and its intersection with secure software development.
Managing Risks in Turbulent Times by Dr. Emmanuel Moore ABOLO
1. DR. EMMANUEL MOORE ABOLO
GMD/CEO, The Risk Management Academy Limited
President, Institute for Governance, Risk Management & Compliance
Professionals
President, Professional Speakers Society of Nigeria &
Director General, The Economic Thinktank Centre
MANAGING RISKS IN TURBULENT TIMES
2. OUTLINE
QUOTABLE QUOTES
ARE WE IN TURBULENT TIMES?
THE COVID-19 ARMADA
BUT WHAT IS RISK MANAGEMENT?
RISK MANAGEMENT IN TURBULENT TIMES
RISK FUNCTION: PREPARING FOR CHANGE
PREPARING FOR CHANGE-MORE DYNAMIC RISK
MANAGEMENT
JOURNEY TO FUTURE-CRISIS-FITNESS
CLOSING REMARKS
MANAGING RISKS IN TURBULENT TIMES 2
3. MANAGING RISKS IN TURBULENT TIMES 3
Managing Risks in Turbulent Times
4. QUOTABLE QUOTES
MANAGING RISKS IN TURBULENT TIMES 4
• Most of us want to live in harmony and peace and be good to others.
Right now, however, the world is in a very turbulent time, and our
leadership has gone crazy.
• Hany Abu-Assad
• The primary task of a Jew in turbulent times is to be Jewish.
• - Author: Elie Wiesel
• Perhaps the most urgent task for leaders in tough [turbulent] times is
to take a break from speed and change. Just pause. This is almost
counterintuitive in an age of constant re-engineering, innovation and
change. Yet pausing in the present allows leaders to think and
recharge their batteries, and gives people an opportunity to catch
their breath without the added anxiety of coping with taxing change.
• Eric Beaudan
5. ARE WE IN TURBULENT TIMES?
MANAGING RISKS IN TURBULENT TIMES 5
Among the characteristics that distinguish turbulence from
other perilous situations are:
its large and uncontrollable scale;
high velocity and fluctuation/volatility;
its cascading/gushing effect; and
unclear patterns of evolution, leading to a chaotic
situation.
What would you say? We are indeed living in turbulent
times.
In such situations, the survival of the organization (or country)
depends on its ability to rapidly respond to the challenges and
whether its ‘’leadership’’ is a responsive and reliable point of
stability for all stakeholders.
6. ARE WE IN TURBULENT TIMES?
MANAGING RISKS IN TURBULENT TIMES 6
The proverbial ancient Chinese curse, ‘‘May you live in interesting
times,’’ might be rendered in the third millennium as, ‘‘May you live in
turbulent times.’’
Indeed, current times are distinctly turbulent.
The COVID-19 pandemic has profoundly affected the entire global
ecosystem.
Pandemics are not new. We have historical records on the effects of
pandemics dating from as early as 3000 BC. Between 1348 and 1350,
the Black Death killed a quarter of the population in Europe. A century
later, European diseases killed large numbers of Indigenous people in
what is now known as Canada and the rest of the Americas.
The 1918 Spanish flu caused around 50 million deaths worldwide. Since then, we have suffered deadly
outbreaks of smallpox, pertussis, Ebola, SARS, Avian flu and many others.
7. ARE WE IN TURBULENT TIMES?
MANAGING RISKS IN TURBULENT TIMES 7
Successful risk management remains the key to survival
and success.
Risks beyond the control of the firm affect businesses more
than ever before, and the fundamental job of executives is to:
anticipate [stress testing] further changes; and
manage them on the basis of an ‘’opinion’’[forecast]
about the future.
8. THE COVID-19 ARMADA
MANAGING RISKS IN TURBULENT TIMES 8
The disruption to the global economy due to COVID-19 delivers two major shocks at
the same time:
1. Demand Shock - Pertains to the global demand for goods and services.
Every major country is implementing social distancing measures and other
protocols : from bars, restaurants, and hotels to planes, trains, and
automobiles; a sudden drop in economic activity is leading to a sharp drop in
aggregate demand for goods and services; and
2. Supply Shock - Ferocious at a rapid pace with reduction, or total
shutdown, in factory output which are crushingly affecting manufacturing
from Asia to Europe to the Americas and everywhere.
What do these two major shocks mean for the global economy?
They will test and expose the vulnerabilities for key areas of business models/
infrastructure
The survival and economical success of a company relies on its ability
to manage risks better than competitors.
9. THE COVID-19 ARMADA
MANAGING RISKS IN TURBULENT TIMES 9
• Risk management aims at supporting the resilience of
business operations, making them more robust and able
to absorb unforeseen negative impacts on core business
objectives, in a manner that ensures continuity, the ability to
generate value and profits
• In all of these, two main questions concern risk
management:
• the ability to foresee crises; and
• Ability to manage current realities?
11. THE THREE WAVES OF THE COVID-19 CRISIS RESPONSE
MANAGING RISKS IN TURBULENT TIMES 11
Most businesses and organizations readily mobilized their crisis plans
if they had them, or have quickly put something together if they didn’t.
Normality Vs Abnormality
12. BUT WHAT IS RISK MANAGEMENT?
MANAGING RISKS IN TURBULENT TIMES 12
Risk is the ‘effect of uncertainty on objectives’ where effect is a
deviation from the expected outcome.
13. RISK MANAGEMENT IN TURBULENT TIMES
MANAGING RISKS IN TURBULENT TIMES 13
Is risk management able to help us foresee crises such as the present
one?
The catastrophic damage that is developing now to our economies (and the
unforeseen impact it will have on our society for years to come) cannot be
predicted but can only be prepared for by building robust risk
management systems
The risk management function should therefore be focused: making our
business processes robust, enhancing the ability to prepare for the
unforeseen that will happen, and ensuring we secure the key
objectives: continuity, growth (after decline) and profitability (in the
future).
What should be expected from risk management from now on?
It seems like the period of hard measures (The Hammer) is now followed by
a period of softer measures (The Dance). The question remains: how long
will we be able to enjoy the periods of freedom, during which we can pick up
our businesses?
14. RISK MANAGEMENT IN TURBULENT TIMES
MANAGING RISKS IN TURBULENT TIMES 14
• While we are now aware of the COVID-19 as we were already aware of
the “known” risks-- business interruption, liability, etc. are we resilient
enough to withstand the unforeseen moment of impact, and will we
be able to secure business continuity, profitability and the ability to
grow in a “new reality”?
• Evaluating the exposures of our business operations should be a
continuous process taking into account the hard lessons learned.
• Though we cannot predict the Black Swan events, we can at least test
our ability to withstand them------stress testing/backtesting.
15. RISK MANAGEMENT IN TURBULENT TIMES
MANAGING RISKS IN TURBULENT TIMES 15
What to do next with risk management
• Though risk management is not the panacea for COVID-19 or
the next Black Swan event, it can make our business more
resilient and robust.
• How well is risk management developed in your
organization? It does not always need to be a formalized
function as this depends on the size and the nature of your
business.
• However, the ability to anticipate is being proven as
crucial for any business to survive in the near to medium
terms.
16. RISK FUNCTION: PREPARING FOR CHANGE
MANAGING RISKS IN TURBULENT TIMES 16
• It will need to be a core part of companies’ strategic planning,
collaborate closely with business owners, and act as a center
of excellence in analytics and de-biased decision making.
• Risk function ability to manage multiple risk types while
complying with existing regulations and preparing for new
rules will make it more valuable still, while its role in fulfilling
customer expectations will probably render it a key contributor
to the bottom line.
• The optimal function for risk management would have the
following attributes and capabilities:
17. RISK FUNCTION: PREPARING FOR CHANGE
MANAGING RISKS IN TURBULENT TIMES 17
• full automation of decisions and processes with minimal
manual interventions;
• increased reliance on advanced analytical models to de-bias
decisions;
• close collaboration with businesses and other functions to
provide a better customer experience, and enhanced
regulatory preparedness;
• strong advocacy of corporate values and principles,
supported by a robust risk culture that is clearly defined,
communicated, and reinforced throughout the organisation;
• Contingency planning; and
• a talent pool with superior advanced-analytics capabilities.
18. PREPARING FOR CHANGE-MORE DYNAMIC RISK MANAGEMENT
MANAGING RISKS IN TURBULENT TIMES 18
• Companies require dynamic and flexible risk management
to navigate an unpredictable future in which change comes
quickly.
• Nearly all organizations need to refresh and strengthen their
approach to risk management to be better prepared for the
next normal.
• Dynamic risk management has three core component
activities:
• detecting potential new risks and weaknesses in
controls;
• determining the appetite for risk taking; and
• deciding on the appropriate risk-management
approach.
21. JOURNEY TO FUTURE-CRISIS-FITNESS
MANAGING RISKS IN TURBULENT TIMES 21
• Crises will be more complex — and harder than ever to contain;
• You need a crisis leader. The future of crisis management requires a broad,
tested response plan, ready to deploy from Day One. This cannot happen
without one central person given the clear mandate and authority to develop a
crisis management program that governs every aspect of preparedness,
response, and communication;
• Crisis preparedness is more than an opportunity: it will be a competitive
advantage;
• Crisis is, and always will be, a human event. It is tempting to tuck crisis
management under the rubric of ERM. But what sets it apart from all other
business functions is the intense effect it has on humans;
• It is possible to be a crisis optimist. When faced with the prospect
(statistically, the likelihood) of a crisis, it’s easy to go numb and get caught
unprepared. Or swing the other way and over-focus on the crises you read
about... at the risk of preparedness for the actual things that could hit you.
Instead, you can choose to see crisis as an element of strategic risk
intelligence: an opportunity for maturity and economic growth.
22. CLOSING REMARKS
MANAGING RISKS IN TURBULENT TIMES 22
• The keys to risk management success in turbulent times are preparation,
agility, accurate data, and a willingness to harvest good ideas from every layer
of an enterprise;
• Simulation/forecasting models can provide key insights for future pandemic
response plans; and
• Living in a fast-changing and turbulent world require organizations to change
their thinking on risk, and to roll out risk management systems that can reduce
negative consequences, minimize losses, and turn risks into opportunities.
• To survive in this crisis-rich world, risk managers and business leaders must
develop the same discipline that their military counterparts have practiced for
centuries: Prepare for rough times, and in rough times respond visibly,
reinforce purpose and encourage new leaders. As Sun-tzu said, “In
military combat, what is most difficult is turning the circuitous into the
straight, turning adversity into advantage.”
23. WHAT A TURBULENT WORLD!!!!!
MANAGING RISKS IN TURBULENT TIMES 23
WHAT A TURBULENT WORLD WE LIVE IN!!!!!!!!!!!!!!!!!!!!!