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imperative that we update our approach to risk management to align with present-day challenges rather than relying on outdated methods from, as an example, 2020.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:
- Sustainability discussions should include resilience considerations.
- A robust risk management framework must encompass resilience to disruptions.
- Effective risk assessments should inform decision-making processes; otherwise, there’s a gap in implementation.
- People, with their behaviors and risk culture, are at the heart of organizational decisions; thus, addressing behavioral risks is paramount.
- Managing current risks requires updated strategies and thinking.
- Modern risk management integrates various risk domains, akin to Enterprise Risk Management (ERM).
- It helps fortify the organization’s resilience against unforeseen challenges.
- Understanding predicate offenses in Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT) is analogous to comprehending “predicate risks” in cybersecurity.
To delve deeper into these topics or seek answers, consider joining us on July 25th for the CRMA’s 6th Annual Hybrid Enterprise Risk Management Conference at the Jamaica Pegasus Hotel.