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This webinar introduces necessary changes to current Enterprise Risk Management practices. COVID-19, while tragic, is similar to MERS. SARS, and other pandemics that have impacted businesses and lives before. This pandemic has caused greater impact to business though and it is appropriate to examine what in current risk management practices did not work effectively.
Participants will be introduced to G.R.I.P and what it means for Risk Management.
We will discuss enhancements to risk Governance (G) and what can be done to improve those processes, including oversight by the Board of Directors.
We will explore “response” (R) and why an organizations ability to recognize, quantify impact and implement actions plans quickly will set them apart from competitors and assist in better managing risks going forward.
In our conversation over “Intelligence” we will bring data analytics to the next logical step and explore data robots and AI and how to best take advantage of those tools in the new and improved risk management process.
Finally, we will dive into Risk Profiling. (P). The risk assessment is something of the past and we need to improve that process. Risk Profiling is the best next step to ensure that the emotions, psychology and sociology of management are included in enterprise risk management processes.
This is a great way to question ourselves over our current processes and determine what we need to do to better be prepared for the next pandemic. We are sure that there will be another one before to much time has elapsed.
COVID-19 has prompted, and will prompt, analysis of many aspects of governments, society and business. So, this may be the time to revisit the risk management processes we have established in our businesses and confirm that they are adequate. I do not think that they are and what COVID-19 has done is highlight some inherent weaknesses of present processes.
That does not mean that the current process is bad but rather just incomplete. It is the ideal time to recognize the gaps and address them on the go forward. As risk management continues to evolve we should be part of that evolution and this Webinar may very well start the conversation.
This is the first webinar, and the only one to date, that introduces new concepts that enhance risk management. Risk profiling, different than risk assessment, is a necessary tool for businesses today. It is more complete, more holistic and more efficient.
Arguably, the ability of a business to respond to events has proven much more valuable than the ability to predict or one could say, not predict, risk events. Should ERM focus on response more than prediction? We should at least ask the question.
How do AI and Data Robots play a part in the new generation of risk management? And finally, Governance, which plays a big role in response, should be strong so how do we know our governance programs are effective?
Explore these topics from a somewhat radical but progressive perspective.
Daniel Clark. CRCMP, CISRCP, QIAL
Independent Consultant BEXCPartners.com
Dan has over 25 years of experience in Financial Services from regional banks to global giants like Citigroup and GE Capital. His early career roles included: sales, credit risk management and operations. For the last 18 years he has been fully focused on Risk Management and Internal Audit. His experience as Chief Auditor in two regional banks and as a senior officer in Audit and Risk Review for Latin America provides unique insight into management practices in and outside of the United States. He is also a recognized expert on GRC, a Public Speaker and Blogger and has written a book; Dare to Be Different: An Auditors Personal Guide to Excellence: that has been well received by the audit community.