VIEW: On the crisis response to COVID-19

So far, 2020 has certainly been a challenging year. Risk managers have been at the forefront of managing the COVID-19 crisis response from organisations around the world. There is no doubt that lessons have already been learned in respect of approaches to enterprise risk management -- lessons which will be assessed in the coming months and perhaps even studied for many years after.

For now, a key element of any ongoing response and control measures will be medium-long-term forecasting, including using scenario analysis. Potential contingency measures need to be constantly monitored and evaluation and control measures deployed as required. Resilience and business continuity processes now need to focus on the economic as well as societal and health impacts of the pandemic.

No company is immune to the effects of COVID-19. Markets are volatile and client/customer confidence in some markets is low, which all impacts severely on the bottom line. Agile companies have diversified their portfolio online, others are unable to do this, and the high street will arguably never be the same again.

What will the long-term impact be on the travel industry? Will workers return in droves to office blocks? How will major train and aviation companies fare? Life will certainly change tremendously, as will the way in which business is conducted.

The Institute is uniquely placed to help ensure risk managers are current and competent; we’re working hard to provide advice, guidance, training and qualifications to risk managers globally, as well as to those looking to enter the profession at this critical time.

Our recent work also includes the launch of the updated Competition Law guidance with the Competitions and Markets Authority; the launch of our own, revised International Diploma in Risk Management (no more exams students will be pleased to hear!); and plans to launch guidance papers for Operational Risk Managers. And soon, will be making an announcement which will benefit those in the Armed Forces and service leavers.

IRM qualifications are now open for enrolment for the June 2021 exam sessions. We know that students who have studied with us enjoy better career prospects, promotions and are better placed to put their theory into practice.

    Share Story:

Recent Stories

Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021

Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021