The COVID-19 pandemic has changed the way organizations operate, introducing a host of business risks. To better understand this dynamic risk environment, AuditBoard surveyed more than 2,000 attendees at our recent virtual conference about the risks they will face in 2021. Respondents felt that three major risks will require the bulk of their attention moving forward: economic threats impacting [business] growth, cybersecurity threats, and business continuity and crisis response. Organizations that take proactive measures now to address these risks will give themselves a better chance to succeed as we continue to navigate the pandemic.

Major Risks Have Ripple Effects on Businesses
Unsurprisingly, economic threats impacting growth was the number one risk on most respondents’ minds. Business leaders outside of the sample group echoed this concern, with CEOs of major companies expecting financial hardships to continue through the end of 2021 and beyond. Recessions squeeze everyone’s margins, impact demand, and make it tough to hire and retain employees. The current economic landscape has led to bankruptcies, contractions, and layoffs.

In one case, a new name – one with all the sex appeal that “insurance” can add to a title – has people like Framroze Virjee, president of California State University Fullerton, visibly stoked.

California governor Gavin Newsom announced a new state-wide system, created in cooperation with the U.S. Geological Survey, that will provide California residents with an early warning for coming earthquakes. Part of the system is an emergency messaging system that sends text warnings, similar to those that cell phone users already get for floods and missing persons. The other component of the system is a new app called MyShake, which will give people “tens of seconds” advance notice before a quake strikes. If you are in a house, that might be enough time to get to a safe spot away from falling furniture. If you are on the road, it may be enough time to pull off the road or stop before a bridge or tunnel.

Maurice Singleton is the president of Vidsys, where he leads business initiatives for the development of innovative product enhancements, customer experience improvement, business growth and expansion into emerging markets. Vidsys provides physical and converged security information management (PSIM and CSIM) solutions whose security software platform enables organizations in a number of market verticals, including corporate, government, health care and critical infrastructure, to achieve more effective enterprise security and risk management.

Singleton responded to a series of written questions.

EDMONTON — The 2019 RIMS Canada Conference got its green light Monday morning when technology and disruption strategist Shawn Kanungo entered the Edmonton Convention Centre in an ELA, an electronic autonomous shuttle being piloted in Canada. “Transform” is this year’s conference theme and, as emcee, Kanungo emphasized the need for attendees to embrace risk in order to improve their organizations.

“Experimentation,” he said, “is the gateway drug to true transformation.”

Ahead of the morning’s keynote, the RIMS Canada Council announced its top honors for accomplishment in the risk management field. For the risk professional earning the highest average mark on the three examinations required to attain the Canadian Risk Management (CRM) designation, the Fred H. Bossons Award was awarded to Ronnie Yuen, underwriting assistant at Starr Technical Risks Canada, Inc.

Artificial intelligence can help government agencies deliver better results, but there are underlying risks and ethical issues with its implementation that need to be resolved before AI becomes part of the fabric of government.

Based on insights from an expert roundtable led by the IBM Center for The Business of Government and the Partnership for Public Service, agencies will need to address multiple risks and ethical imperatives in order to realize the opportunity that AI technology brings. These include:

In the Fourth Annual Healthcare Ready national survey on the emergency preparedness of Americans, a larger number of respondents indicated a concern that they are vulnerable to a disaster, and yet 51 percent said they didn’t have a plan for a disaster.

Of the 1,245 adults surveyed, 54 percent said they are aware that they or their families could be affected by a disaster within the next five years. That was in increase from last year’s 51 percent. The survey results were released last week.

Data breaches and cyber incidents continue to plague businesses and end users, compromising millions of records each year. Yet, while the volume of these breaches is astonishing, it is sometimes hard to understand what they mean, what a “record” is, and what actions affected companies need to take to resolve the issue and prevent future breaches.

Construction can be a dangerous activity. Despite increased attention to job safety over the last several decades, accidents on construction sites continue to occur. These accidents frequently result in bodily injuries, property damage, project delays and resulting economic losses. As a result, those involved in construction should plan carefully not only how to minimize the risks of accidents but how to maximize their insurance and indemnification recoveries should an accident happen.

As the efficiency of operational risk management remains a top priority and pressure to maximise value increases, emerging technology could prove crucial. Nitish Idnani, leader of oprisk management services at Deloitte, explores how the oprisk management space could look in the future if it continues its current evolution, and discusses the potential impact of key technologies

The efficacy and efficiency of operational risk management continue to be a major priority in today’s business climate. The ability to demonstrate the value of oprisk management frameworks – with risk managers being increasingly expected to do more with less – is increasing. This pressure is creating an incentive for risk leaders to explore and embrace new technologies and techniques that can help improve their programmes.