I will start it:
- Take risks, and start asking UN-conventional questions
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Read more…We created a free presentation (attached), which discusses both global and organizational impacts of the COVID-19 pandemic, along with critical actions organizations should take immediately. This presentation introduces a framework that helps regions and organizations navigate a path to recovery via 9 potential scenarios. These scenarios capture outcomes related to GDP impact, public health response, and economic policies. The presentation also breaks down 6 immediate and critical actions…
Read more…Now that the updated COSO and ISO risk management standards emphasize a connection to enterprise objectives and decision making, does this mean ERM and GRC solutions focused on risk registers and regulatory compliance are missing the true value of risk management?Will current risk management solutions evolve to integrate more decision support functionality or will standalone prescriptive analytics and other technology solutions take a more prominent role in enabling risk-informed…
Read more…We have an interesting question from one of our members. "We usually perform OTC FX transactions with clients backed-to-back on the market (with Banks). Now we are going to perform a FX swap (i.e. Spot + forward) JPY/EUR for the Bank account for 1 week at the longest. The purpose is to get EUR place @ CB for LCR compliance purpose (no trading purposes). Bank's Management think that this should be considered as a trading position and therefore be classified within the Bank's trading book.…
Read more…The recent sudden crash of oil prices has had a major impact on the world economy, leading to many troubled faces in the international arena. The Russians fear the effects of yet another powerful hit on their economy, Venezuela seems to be considering default and the Americans are weary of the consequences for its young and emerging shale oil industry. And then you have the Middle East, where the smallest match is enough to ignite the largest fire. But are these worries really justified or…
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Replies
Balance prudence with profit
know when and how to mitigate a risk, and how much. Also stay within budget while doing the impossible.
Be a good generalist, and get very involved and earn the trust of all your fellow company workers from line to supervision to senior management. Learn, get involved, listen, prepare, take action, teamwork and then redo it all again.
Have all stakehkolders pose their most burning questions on program plan directly to one another in person to person forum.
See if other stakeholders can provide answers, or if more questions arise.
Get all the questions out in the open: identify the key questions.
Use these questions to inform the obstacles/risks.
Build a safe environment for open exchange about ways to minimize/eliinate risk.
have to be knowledgeable about a broad range of subjects.
Speaking about biases (and IMHO, Risk Managers are subject to them too...), I suggest you google "Cognitive biases potentially affecting judgment of global risks". This will point you to an interesting article, itself containing numerous links to other references.
Ron Beraha said:
Teach them to see differently
Be analytic, informed and unbiased. Be willing to step forward when it's uncomfortable and a mentor when ever necessary.
Didier Verstichel said:
be willing to put people's feet to the fire!