While IRM’s initial Covid-19 survey showed that most risk managers were serving their organisations well during the pandemic, sectors are responding differently, according to an additional report compiled by IRM’s regional and special interest groups.
The articles in the document show how each industry surveyed responded to the initial shock of the pandemic and shares the key lessons learnt.
“A core principle of risk management is to learn from experience and improve; there will be lessons from the experiences of dealing with the challenges of Covid-19 which will result in improved resilience and better risk management in the future,” Iain Wright, CFIRM, IRM Chair says in the introduction to the document. “Professional risk management will deliver the resilience that organisations will need to emerge and recover from the pandemic crisis, the role of the risk manager has never been more important.”
While the lessons learnt may be unique to individual sectors, the report also has advice that could benefit any organisation. For example, the IRM Charity Special Interest Group (SIG) said that:
Maria Singende, IRMCert, risk manager at Barclays Bank and Keith Webb, director of consulting, business risk at Xcina Consulting of the IRM Financial Services SIG, said that there were a series of lessons to be learnt:
Michael Bartlett, co-chair of IRM’s Risk and Complexity SIG said that professional Enterprise Risk Management leaders were well placed to consider how the Covid-19 experience might suggest a new way of risk management thinking.
“We can acknowledge that current methods which focus on a team’s subjective identification and evaluation of risk do not effectively consider generic risks or complexities and interactions,” he said.
An alternate approach would be a blend of three components: