Please Modernize Your Risk Frameworks

Welcome to a new work week my friends,

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.

Additionally, despite the many escalations in systemic risks, massive negative disruptions, and volatility in the environment, you may still be relying on the “dated” risk management framework and control methods developed and deployed years ago within your organization. Furthermore, risk management can no longer be a “part-time” job and for all of the reasons mentioned above.

I admit the above is a pretty gloomy and potentially dangerous statement but all is not lost, for, with all the negative disruption, there can and will be significant opportunities to expand and grow but it will require your existing risk management discipline (framework, governance, leadership) to upskill its’ capability (people and processes) and recapitalize over the short to medium term.

Let’s continue this conversation folks. The Caribbean Risk Management Academy is available to assist.

Stay proactive, anticipatory and resilient!