Surviving a crisis can be a significant accomplishment and a source of pride for individuals and organizations. However, just because you have survived a crisis does not mean that you are a risk management expert. In fact, it is important to recognize the difference between surviving a crisis and being able to effectively manage risk.Risk management is the process of identifying, assessing, and prioritizing potential risks and implementing strategies to mitigate or avoid those risks.

It involves a thorough understanding of the organization's operations, assets, and vulnerabilities, as well as the ability to anticipate and plan for potential threats.On the other hand, surviving a crisis can be the result of luck, circumstance, or the actions of others. It does not necessarily indicate that the organization had a comprehensive risk management plan in place or that the individuals involved had the expertise to effectively manage the situation.Being able to survive a crisis does not make you a risk management expert, but being an expert in risk management can help you to survive a crisis. Organizations that have a solid risk management plan in place and trained staff are more likely to be able to anticipate and mitigate potential threats, reducing the likelihood of a crisis occurring in the first place.In addition, having the appropriate knowledge and skills to manage a crisis when it does occur can minimize the damage and help the organization to quickly recover.

This includes identifying the root causes of the crisis, implementing effective communication and incident response plans, and having the ability to make quick and informed decisions.In conclusion, while surviving a crisis is commendable, it should not be confused with expertise in risk management. Organizations and individuals who want to be truly prepared for potential threats should invest in developing a comprehensive risk management plan and training staff on how to effectively manage risks. This will ensure that they are better prepared to survive a crisis if one does occur and minimize the damage caused.

You need to be a member of Global Risk Community to add comments!

Join Global Risk Community

Votes: 0
Email me when people reply –

Introducing the Global Risk Series - Book 1 Risk Management How Tos

Dear GlobalRisk Community member, Our community’s mission is to foster business, networking and educational explorations among members. Learn from some of the top experts in the industry as they clearly explain how to approach the most important Risk management concepts. Check out their expert tips and use the link at the end of each article to navigate back to the website to leave your comment or ask a question.   Some of the topics include: How do you Explain Risk Appetite?  How to Prepare a…

Read more…
16 Replies · Reply by GlobalRiskCommunity Mar 21
Views: 912

[Free COVID-19 Framework] What's the path to recovery look like?

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…
4 Replies · Reply by Steve Diaz Jul 8, 2023
Views: 206

If risk management is about decision making, are current risk management solutions irrelevant?

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…
3 Replies
Views: 131

A question related to classification of instruments between trading and banking book.

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…
5 Replies · Reply by Prisha Singh Dec 26, 2023
Views: 315

Plunging oil prices: curse or blessing in disguise?

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…

Read more…
1 Reply
Views: 90

    About Us

    The GlobalRisk Community is a thriving community of risk managers and associated service providers. Our purpose is to foster business, networking and educational explorations among members. Our goal is to be the worlds premier Risk forum and contribute to better understanding of the complex world of risk.

    Business Partners

    For companies wanting to create a greater visibility for their products and services among their prospects in the Risk market: Send your business partnership request by filling in the form here!

lead