As noted by industry specialists and practitioners, Latin America and the Caribbean (LAC) has become a new frontier for cyber-attacks and crime at an estimated cost of around US$100 billion per year. (IDB 2017 report) The Cipher Brief, a digital, security-based platform that connects the private sector with the world’s leading security experts, recently noted that…
In early 2019 the World Economic Forum (WEF) in its annual Global Risk Report warned all of us that escalating divisions amongst our Major Nations meant that we were no longer collaborating on addressing the world’s most pressing threats. For this reason, the WEF warned that we were potentially “sleepwalking towards crisis”. However, a global pandemic…
ESG is real:ESG is a system used to measure the sustainability of a company or investment in three specific categories: environmental, social, and governance As the below article describes, Canada, our North American neighbor (and former fellow commonwealth neighbor) has now mandated that banks and insurance companies report on climate risk exposures of their clients….
Condolences to the family, friends, and colleagues of those who lost their lives in this catastrophe. The best way for the leaders of these institutions to honor those lives lost is not by talking but by acting. There is a maxim that says: “the uninspected usually deteriorates”. There are risks and hazards (and they are not always the same) that may…
The Cobra Effect refers to a story from British India. The authorities faced a problem of an uncontrollable increase in cobras. The solution implemented was to incentivize the public to kill cobras by offering a bounty on each dead one. This resulted in people breeding cobras for increased incentives which ultimately resulted in abandoning the…
The “silver lining” of the Covid-19 crisis is the new insights that have emerged to aid organizations in transforming for stronger performance through effective risk management. Risk programs must become more closely aligned with resilience and strategic objectives, so that businesses will be better prepared to respond quickly to the next crisis. Meanwhile, as the…
If the one of the greatest risks to any organization is their people (decision makers/employee) risk, why then are we not putting more emphasis on mitigating that risk, especially given the new construct of employee engagement deployed because of and during the pandemic. Think: WFH, hybrid work hours, stress management etc.
The ISO 31000 risk management standard and the NIST Cybersecurity frameworks among others, have adopted new guidance that suggest considerations into behavioral factors must be included and considered during risk assessments. Human behavior is identified as the weakest link in risk management and security. Human factor risks will continue to increase in the fast-paced digital…
Demonstrating the management ethos that contributed to his recent induction as a Fellow of the Caribbean Risk Management Academy, the Minister of Public Utilities in Trinidad and Tobago identifies and prepares to act regarding the people risks at the organizations within his portfolio. Visit the website to read the full story published in the Trinidad…
A road map for reigniting growth and innovation in Caribbean economies, the CRMA Conference 2020 was successfully delivered by the Caribbean Risk Management Academy on Thursday 19th November 2020. This game changing conference titled: “Risk Management 4.0 – Constructively Disrupting Caribbean Economies for a Sustainable Future” was the first virtual conference hosted by the Academy….
