Views and Discussions
You may not be interested in geopolitics, but geopolitical risk will impact you.
Are Geopolitical Risks on Your “Risk Radar”?
“You may not be interested in geopolitics, but geopolitical risk will impact you.” This statement underscores the undeniable influence of global political and economic dynamics on Caribbean institutions and the daily lives of those living in the Caribbean. Even if you don’t actively follow international affairs, these forces still shape your world in profound ways. Let’s break down why this is so:
Interconnectivity of Risk. The world today is more interconnected than ever before.
15 November 2024
Your Risk Management Immune System: How Healthy is it?
We can all agree that today’s work environment is more complex, volatile, and unpredictable than ever before. As General Stanley McChrystal puts it in his book RISK, “Your risk immune system enables you to anticipate, identify, analyze, and respond effectively to the constant possibility that things may not go as planned.”
The question, therefore, is, how strong is your organizations’ Risk Immune System?
In an age where risk is more interconnected than ever and chaos is always on the horizon, it’s essential, especially for leaders…
11 November 2024
Potential Emerging Risk: President Elect Trump
Risk management is the process of identifying, assessing, and mitigating potential threats to an organization or entity—whether that’s a business, island, or nation.
With Donald Trump now having won the US presidential election and his agenda outlined in “Project 2025,” along with his recent statements on geopolitical risks, immigration, and the “America First” policy, I would like to suggest that you revisit your organization’s strategic goals/objectives. This is not about US politics and whether you like Trump or not: it’s about your island/organization’s risk profile/risk appetite.
06 November 2024
Why Experience can be a Risk…
I would like to remind all of us that we ought not to singularly rely on our experiences or the experiences of those around us/we depend on. Those dependencies include vendors, suppliers, consultants, and, yes, colleagues/workmates. Experience, singularly relied upon, can be a risk.
According to Nobel prize-winning psychologist Daniel Kahneman: “In a rapidly changing world, the lessons of experience can easily point us in the wrong direction. And because the pace of change is accelerating, our environments are becoming more unpredictable…
04 November 2024
The Adversarial Perspective: You need this, I respectfully submit…
A suggestion for you and your team on improving or applying “new thinking” in the identification, assessment, and controlling of risk: The adversarial perspective advocates for vigilance and readiness to adjust strategies dynamically in response to evolving external factors, while maintaining a strong and consistent strategic core. It encourages strategic planners/leaders to anticipate challenges and opportunities by considering how competitors or other external forces might alter the landscape. This approach aims to enhance resilience and competitiveness by integrating adaptability into the strategic planning and execution process.
17 July 2024
When Cyber Risk meets Third-party Risk
“AT&T confirmed yesterday that the company experienced a massive data breach in which an unknown entity stole phone records from almost all of its nearly 110 million customers. The telecommunications giant discovered the breach in April and started an investigation. It found that the hacker accessed the data through an illegal download that targeted a third-party app called Snowflake, which also manages data for other big-name companies like Ticketmaster.” …..N.Y Times News..
Questions to consider…
13 July 2024
Enhancing Business Resilience in Caribbean Institutions or Islands: Consider Hurricane Beryl as a “Test Run”
One would think that Businesses/Islands in the Caribbean, at least many of them, may have thought that COVID-19 “educated” decision-makers on the need to build a resilience component into their Risk Management frameworks. Still, many of them may have failed to do so. That said, even the best of plans can be disrupted. As Mike Tyson once famously said, ” Everybody has a plan until they get punched in the face.” The first major hurricane of the season has definitely punched many.
I shared an email last week…
08 July 2024
Hurricane Beryl: A Critical Post-Mortem Required
Hurricane Beryl has now passed through the Caribbean, leaving a trail of death and destruction. Yet, amidst this devastation, we witness the unwavering “resilience” of those islands and individuals who have suffered. Our hearts go out to them.
In the wake of Hurricane Beryl, the pressing question is: what’s the next step?
The Caribbean Risk Management Academy (CRMA) was set to hold our 6th Caribbean risk management conference in Jamaica on July 25th, 2024.
05 July 2024
Resilience is Not Responding After the Event
Resilience does not begin with a response.
As many islands of the Caribbean, especially the Eastern Caribbean, are facing (direct or indirect) Hurricane Beryl, I thought about the following concepts and their differences:
- Vulnerability
- Sustainability and
- Resilience
But let’s focus on Resilience… Resilience, resourcefulness, and ‘bounce forward’ strategies are not spontaneous.
01 July 2024
Risks in Your Mirror May Be Closer than You Think…
You are familiar with the sign:
“Objects in the mirror are closer than they appear”
It is the “warning sign” on your vehicle’s door or side mirrors. Applying this warning to the risk management space, one can identify examples of risks that are much closer to your organization (and you) than they may appear to be…
18 June 2024
Managing Risk is more than the Framework and Compliance
An observation:
Businesses seem more focused on complying with the framework than managing the risk.
As a profession, we have the opportunity to shift our focus. We can move away from singularly relying on/thinking about the frameworks and compliance and, instead, embrace new thinking, mindset, and decision-making. This is where the future, I submit, of Risk professionals lies.
12 June 2024
Do you really need a more Modern Day Risk Management Framework?
The answer is absolutely! It’s imperative that we update our approach to risk management to align with present-day challenges rather than relying on outdated methods from, as an example, 2020.
Hello, everyone, and welcome to another week of navigating through good risks, bad risks, and complex issues (wicked problems?). There are numerous reasons, among many others, why embracing modern risk management practices is crucial…
10 June 2024
What is your “Goldilocks” limit?
Do you have a Goldilocks limit, and are you aware of it? I think we should find out.
The human brain loves a challenge, but only if it is within an optimal zone of difficulty. You will quickly become bored if you love tennis and try to play a serious match against a four-year-old. It’s too easy. You’ll win every point. In contrast, if you play a professional tennis player like Roger Federer or Serena Williams, you will quickly lose motivation because the match is too difficult.
06 June 2024
Risk Should Force Heightened Management Awareness, but does it?
I am stating the obvious when I say that compliance and assurance are entirely different endeavors from Risk Management: Strategic risk assessments, as part of an effective ERM framework, are critical to preempting risks and preventing unfortunate events from occurring in the first place. Organizations can proactively mitigate potential risks/threats by focusing on strategic risk and ensuring they achieve their corporate objectives.
31 May 2024
The Uninspected Will Always Deteriorate
I often state the following mantra:
“Effective risk management is not a panacea nor a fait accompli. Even with the most robust risk management architecture, things will always go wrong.”
But, I also suggest the following analogy to support the NEED for modern risk management being deployed in the public sector (and private):
20 May 2024
Solar Storms: A Risk Event?
Given the possible impact/effects of a Solar Storm that parts of the world are experiencing, especially in parts of the United States, including my home state of Florida, should these be considered part of your business impact analysis (BIA) as a larger part of your Business Continuity plans and your enterprise risk management framework? (low probability/high impact). Given the impact of these events on power grids and communications, what about the Disaster Risk Management/Reduction framework at the national/Government level?
11 May 2024
Moving Beyond the “ROBOTICS” of Risk Management
As you prepare to face the week ahead (professionally and personally), I would like to take a small point of privilege and respectfully suggest that effective and modern risk management is not, cannot be, just the methodologies, the standards, or the processes. Modern risk management is not a stand-alone process or a “fait accompli.” Much more is needed to reach the end state of effective risk management in this most uncertain, disruptive, risk-prone environment.
06 May 2024
WASA: Re-Engineering and Reorganizing without End-to-End Operational Risk Assessment?
How is that possible?
As you all may know, Operational risk assessments are essential tools for identifying potential hazards, vulnerabilities, and areas of improvement within an organization’s operations. By conducting these assessments, WASA can better understand the possible consequences of changes to their operations and develop strategies to mitigate risks.
22 April 2024
Building Resilience: The Role of ERM in Transforming Caribbean, Central and Latin American Countries
In the last few years, the Caribbean, Central, and Latin America have been characterized by unprecedented negative disruptions and massive global challenges, whereby the resilience of economies has become paramount for sustainable development. This imperative is particularly pronounced for these countries/islands, given their vulnerability to various risks ranging from natural disasters, crime, societal disruptions, and geo-political and economic risks.
17 April 2024
An Example of Why Strategic Plans Must Be Agile…
As companies develop their strategic plans, I submit that agility must be one of the pillars of that plan. Companies must employ horizon scanning, using both a microscope and telescope to ensure they are looking at not only what is happening and immediate (what is close) but also what can happen (i.e., future-proofing) and what is farther away.
The following is a great example, if not a bit “funny.”
31 March 2024
Your Organization has “Wicked Problems”
“Whether it is pandemics, flood management, snowstorms, drought or satellite failures, the ability to recognise the changing environments that create the conditions in which those incidents can occur, and to prepare ourselves in meaningful and sustainable ways, is the underlying bedrock on which all other actions must take place” -Rubens, D (2023)
Strategic Risk and Crisis Management: A handbook for modelling and managing complex risks. (Kogan Page, p.299)
24 March 2024
You Must Measure What Matters!
12 March 2024
Billion-dollar Bank Failure: $65 Million Civil Penalty for Failing to Keep Proper Risk Controls
“The Office of the Comptroller of the Currency announced on Wednesday that the bank is required to take “broad and comprehensive corrective actions” to strengthen its internal practices.
The OCC found that City National “engaged in unsafe or unsound practices” related to the management of operational risk, strategic risk, investment management practices and compliance”…
02 February 2024
Trinidad Cyber Breaches: A Lack of Effective Risk Management
Many (definitely not all) of the leaders of institutions either don’t seem to know the full range of the impact/probabilities of the risks they are exposed to, or if they do know, it appears they are ambivalent or, worse, don’t care. One reason might be that they don’t have any “skin in the game.” There are no consequences to their inactions, no accountability. Some may even believe they are all-knowing when they should endeavor to be all-learning. (no Intellectual humility)
03 November 2023
What Risks Precede a Cyber Attack?
Cyber attacks have resulted in significant consequences for organizations of all sizes and sectors in the Caribbean, and it is essential to be aware of the risks that can precede them or risks that can act as “risk sources” for a cyber attack. One of those “risks” that has been identified as a possible major source is that of work from home.
Cybersecurity issues (attacks) are on the rise in the Caribbean and can pose a particularly acute risk to those firms and institutions with many remote workers.
02 November 2023
Objects in the Mirror Are Closer Than They Appear
“Objects in the mirror are closer than they appear” is the “warning sign” on your vehicle’s door mirrors. Applying this warning to the risk management space, one can identify Examples of risks that are much closer to your organization (and you) than they may appear to be…
I would also like to “tweak” that warning sign and apply it to a risk management reference: Risks in your rearview mirror may be closer than you think...
23 October 2023
Companies Must Embrace Modern Risk Management
It should be noted that many organizations are practicing “some form” of risk management. Still, it does not meet the requirements needed to treat the current environment, especially given the velocity of risks. This is especially true in small and medium-sized companies/organizations with entrepreneurial cultures, fewer regulatory demands, and more resource constraints. These businesses tend to view risk management as an unnecessary expense, yet they may be more susceptible and exposed to risks.
20 September 2023
Livin La Vida VUCA: A Mindset Change
VUCA conflates four distinct types of challenges that demand four distinct types of responses. We are also experiencing extreme levels of volatility, and complexity around the risks that organizations and households are facing. Therefore, your response to any one of these challenges cannot be codified or hardcoded. And why?.
Because risk is not static. Furthermore, addressing these challenges will not work by simply changing processes, systems, or regulations. There must be a commensurate change in the “thinking” of leaders, decision-makers, and employees.
04 August 2023
Managing Cybersecurity Risks: The Value of Enterprise Risk Management
“The Office of the Attorney General and Ministry of Legal Affairs (AGLA) (Trinidad and Tobago) has detected a cyber attack on its network.
In a media release yesterday, The Ministry of Digital Transformation said that “This unauthorized and illegal access has negatively impacted operations at the AGLA and certain associated Divisions. Having taken actions to minimize the threat, an investigation, in partnership with leading industry cybersecurity experts, is ongoing” … Trinidad Guardian Newspaper
09 July 2023
Can Your Leaders “Decisions” Affect Your Company’s Future or Profits?
Twitter threatens trade secrets lawsuit over Meta’s Threads app.
Alex Spiro, a lawyer for Twitter, accused Meta of engaging in “systemic, wilful and unlawful misappropriation of Twitter’s trade secrets and other intellectual property” in a letter addressed to Zuckerberg dated Wednesday. The letter claimed that Meta had hired “dozens” of former Twitter employees with access to highly confidential information about the platform, many of whom had “improperly retained Twitter documents and electronic devices”.
06 July 2023
Artificial Intelligence and Risk Management: How Prepared Are You?
According to NIST: AI systems are inherently socio-technical in nature, meaning societal dynamics and human behavior influence them. AI risks – and benefits – can emerge from the interplay of technical aspects combined with societal factors related to how a system is used, its interactions with other AI systems, who operates it, and the social context in which it is deployed… If your institution is now using AI or planning to begin using AI, we (CRMA) are available to assist with identifying and managing AI and AI-related risks.
04 July 2023
Human Behaviour: The Greatest Risk to Any Institution
20 June 2023
Global Cyber Breach: The Need to Manage Vendor Risks, People Risks and More…
Several US federal government agencies have been hit in a global cyberattack by Russian cybercriminals that exploits a vulnerability in widely used software, according to a top US cybersecurity agency. Aside from US government agencies, “several hundred” companies and organizations in the US could be affected by the hacking spree, (according to a CNN report). Since late last month, the hackers have been exploiting a flaw in widely used software known as MOVEit that companies and agencies use to transfer data.
18 June 2023
We’re Working and Living in a “Never-Normal” World
We now find ourselves living and working with a pace of change, unpredictability, degree of uncertainty, and interconnectedness of risks and events that have transformed our environment.
And if you throw in the continuous evolution and revolution of AI, that rate of change is going to move even faster.
So, what should you be doing to keep pace with the rate of change? Consider the following…
26 May 2023
Insider Risk Management
While the entirety of risk management is undoubtedly now more complicated, Insider Risk in particular continues to be one of the most difficult to detect and reduce. CISA defines insider threat as the threat that an insider will use their authorized access, intentionally or unintentionally, to do harm to the department’s mission, resources, personnel, facilities, information, equipment, networks, or systems. The most recent example and very significant “Insider” breach occurred earlier this week, when a 21-year-old (age as a risk?) air national guard technology support staffer was arrested following a series of reports…
15 April 2023
Now We Know: Why Silicon Valley Bank Imploded or Failed…
“The bank waited too long to address its problems and, ironically, the overdue actions it finally took to strengthen its balance sheet sparked the uninsured depositor run that led to the bank’s failure,” said Barr (Federal Reserve Vice Chair), adding that there was “inadequate” risk management and internal controls.
As organizational psychologist and bestselling author Adam Grant stated: “In theory, confidence and competence go hand in hand. In practice, they often diverge.
27 March 2023
Is Your Institution (Bank or Non-Bank) Sleepwalking into a Crisis?
Risk management is not a panacea or a fait accompli to value protection in any institution. The most recent failures of the Banks in the US and including Credit Suisse are proof of that. Your risk managers, internal audit, and your external auditors may be “blind” to some risks if their focus continues to be singularly on “accounting” e.g. on Capital adequacy and balance sheets. The failures in the US banking system had very little to do with these 2 points. Coincidently, SVB’s external auditors had given them a “clean bill of health” in February this year.
19 March 2023
Please Modernize Your Risk Frameworks
Most of us will agree that our working world today and in the future is significantly more complex, volatile, chaotic, dynamic, and disruptive than at any other time in our working lives. One only needs to survey the global news reports; whether it’s discussing AI and the ChatGPT potential impact, a possible global recession, cyber risk, climate change risk, and the risk of corporate fade in your organization.
07 February 2023
Global Risk Report: Are You Prepared?
The 2023 WEF Global Risk Report, I submit is meant to deliver a clear warning, signaling a global community interconnected and “heating up”. In summary, and as it relates to the Caribbean, we deduce from this report that institutions, if they want to be better prepared for the cascading impact of the above risks, must, in the first instance begin applying new and different thinking to the business of risk and resilience, test their vulnerabilities, calculate business impact, build out a more robust preparedness and resilient institutional framework.
15 January 2023
Doesn’t Anyone do Due Diligence or Deep Dives Anymore?
“These days, it is hard to know what due diligence actually means. Ontario Teachers’ Pension Plan, which put $95mn into FTX, insists that its professionals “conduct robust due diligence on all private investments”. Tiger Global, which tossed in $38mn, pays outside consultants including Bain & Co to do the work. Yet both missed what FTX’s new chief has described as a “complete failure of corporate controls”. Sequoia Capital, which handed FTX founder Sam Bankman-Fried $214mn even though he played video games during his pitch…
27 December 2022
Power Grid Attacks: Are We Concerned Yet?
“Just three days before two electrical substations were shot up, causing tens of thousands of customers to lose power in North Carolina, the federal Department of Homeland Security issued a bulletin warning “lone offenders and small groups” could be plotting attacks and that the nation’s critical infrastructure was among the possible targets”… ABC News (USA)
08 December 2022
The Value Proposition of ERM: Tangibles and Intangibles
The “value” of Enterprise Risk Management continues to be discussed and debated in the hallways/board rooms/schools. As a risk management consultant and lecturer, it is a question I am always asked, so much so that I often refer to myself (my companies) as not only risk practitioners but also risk sales managers. To that end, North Carolina State: Poole College of Management (a leading educator/research institute in the ERM space) researched and prepared a “paper” on the value proposition of ERM, with case studies…
03 December 2022
Get Off Your Ass and Do Something: Risk Management is Real
This may be me venting or projecting, but I have penned this “thesis” for sharing, but I thought I will share it with you first. It is a first draft (pen to paper) and so I am not asking/expecting agreement, but in critiquing, please apply your risk knowledge/risk intelligence. And, yes, I feel very strongly about this, for as I have said, I have lost colleagues when this was not done correctly. When we could not, “imagine” what can go wrong. When we were not prepared, when we failed to ask the right question, or when a flight instructor failed to grasp the significance of a student pilot saying to him: “I don’t need to know how to land the plane”……yeah……
28 November 2022
FTX Bankruptcy: Are You or Your Company Impacted?
FTX Trading filed for Chapter 11 bankruptcy last Friday capping a sudden and startling downfall for one of the world’s largest cryptocurrency exchanges and founder and CEO Sam Bankman-Fried has resigned from the company as its CEO.
Admittedly, I am no “friend” of cryptocurrency exchanges for reasons I will explain under separate cover at another time. Still, some of those reasons are listed below in what I saw as “red flags” or KRI’s around FTX, and others, which hopefully will serve as lessons learned for investors et al going forward.
14 November 2022
Your Risk Management Framework May Be Obsolete
Most of us will agree that our working world today and in the future is significantly more complex, volatile, chaotic dynamic, and disruptive than at any other time in our working lives. However, despite the many escalations in systemic risks, massive negative disruptions, and volatility in the environment, we still seem to rely on the “dated” risk management framework and control methods developed and deployed years ago within your organization. Yes, the above is a pretty gloomy and potentially dangerous statement but all is not lost, for, with all the negative disruption, there can be significant opportunities…
07 November 2022
Why are there no EXISTING Operational or ERM Risk Professionals Included?
Please check the link below and share your thoughts/answers to my questions below. This is not meant to be controversial nor am I casting any aspersions and with the greatest respect to the speakers, why aren’t any CURRENT and practicing Operational or ERM risk professionals on the list of speakers, as best as I can ascertain from their bios and or functional titles?
There is a formula that I learned many moons ago: R+H =A. I may simply be demonstrating my bias here with this observation/question and, if so, I sincerely apologize…
25 October 2022
What is your “LOTUS OF CONTROL”?
Can your locus of control affect or influence your business decision-making capability?
Locus of control describes the degree to which individuals perceive that outcomes result from their own behaviors, or from forces that are external to themselves. This produces a continuum with external control at one end and internal control at the other
As the environment around your changes, you can either attribute success and failure to things you have control over, or to forces outside your influence…
02 September 2022
Cyber Risk: The “little spoken of” Risk to the Caribbean and its Institutions.
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 twelve percent of DDoS attacks now target the LAC region and that the number is escalating. It is also the case that there has been a dramatic rise in the number of people, including tourists, with access to Internet-connected devices, potentially increasing national vulnerabilities.
31 August 2022
ESG Risk: It’s Real and Being Deployed, Managed and Regulated: Ask Canada!
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. But:” While the rules do not yet apply to other companies, OSFI will also expect the financial institutions to…
10 April 2022
The Paria Diving Disaster: “Pre-Mortems” are much better than “Post-Mortems”
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 have gone without being risk assessed, and so they have been metastasized, morphed, and in waiting…
24 March 2022
Note to Leaders: Lessons from Ukraine
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 (Covid 19) then hit us about 10 months after this warning, and our attention and interest, rightly so, shifted. We are at risk of the breakdown of an entire system rather than simply the failure of individual parts.
15 February 2022
The Cobra Effect: Risk and Audit Assessment can Assist
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 program. Many newly harvested cobras were released into the wild making the problem bigger. The moral of the story is… Can you think of any examples in your space?
17 January 2022
Performance, Resilience and Agility Must Be the New Construct
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 risk intelligence of leaders improves, so also will the speed and quality of decision-making.
06 December 2021
A New Variant Discovered: Maybe Leaders Should Be Looking at People’s Resilience Under Pressure
Dr. Penny Moyle, former CEO at psychometrics company OPP Ltd., has made the study of personality her main interest… “What is clear is that people don’t just develop new traits when they come under pressure; existing ones get magnified. The problem is, companies don’t often produce an emotional map of jobs. They’re very good at producing job descriptions, but not emotional ones. Bosses should be looking at people’s resilience under pressure.”
30 November 2021
The Role of Human Behaviour in Effective Risk Management
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 economy, digital transformations and the business impact of the Covid-19 pandemic. To that end, we suggest that when conducting risk assessments, the first major risk to examine is People and Culture Risk…
15 September 2021
Leadership and Accountability Case Study: People Risk Management
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 and Tobago Sunday Guardian Newspaper, December 20, 2021.
21 December 2020
Game Changing Conference
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. Conference sponsors included First Citizens, the National Gas Company of Trinidad and Tobago and Hitachi Systems Security Inc. Strategic partners included Strategic Leadership Advisors LLC, LCI Management Solutions and WiPay.
11 December 2020
What is Fatigue?
Fatigue plays a vast role in all industries in terms of performance, safety, and productivity. It ranks frequently among the top five human performance factors. The US National Safety Council estimates that fatigue costs more than $136 billion per year in lost productivity alone. 84% of this cost is due to reduced performance at work, rather than absenteeism. 2020 might be the year many people started working from home. But how is your organization managing its changing work and related fatigue risk? Consideration of this risk type must take place…
29 October 2020
Climate Risk Reporting
New Zealand is the first country in the world to make climate risk reporting MANDATORY for financial institutions. Under new legislation announced [in September 2020], large financial institutions need to report annually on governance, risk management, and strategies for mitigating climate change impacts. This is relevant to us because, the islands of the Caribbean, like New Zealand, are vulnerable to climate change risk. But how is this vulnerability acknowledged in our governance and legislative framework that drives how treat this risk?
10 October 2020
Risk Management Life Skills Toolbox
Whether it is personal finance, leaving the house, health risk (which hospital to go to, or NOT) you have to manage the uncertainties that “matter to you” and therefore you should know how to manage risk where the outcomes are to you your benefit or detriment. And because of COVID-19, you have been doing this without any formal training on risk management. Risk management must be “personalized”. By that I mean, effective risk management starts with you, the individual. What is the status of your Risk Management Life Skills Toolbox?
07 October 2020