Risk Management Practice Changes Due to COVID-19

By Fatema AlSaad

A featured article of our November 2020 edition of PRMIA's Intelligent Risk quarterly newsletter


These are unprecedented times with unparalleled impact on our livelihoods, health, unemployment, GDP, government support, etc. Those risk managers who thought that they “have seen it all” during 2008’s financial crisis, or that it couldn’t get as bad as the 1930s Great Depression, were in for a big surprise. If 2020’s COVID-19 proved to us one thing, it is that nothing is stagnant. The butterfly effect will always exist, and in order for our risk management approaches not to fail us when we most need them to work, we need to continuously ensure that they are evolving and viable. There is no doubt that the practice of risk management is going to change. Although the magnitude of this change will only be realized when we reach the end of this pandemic, we can recognize the areas in which change will be more prominent.

This article aims to summarize some areas in which the impact on risk management practices will be observed in the short run. 

 

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About the Intelligent Risk

Intelligent Risk is PRMIA's quarterly publication, bringing all PRMIA members free access to knowledge and information about risk management for financial institutions as well as current information on PRMIA chapters, committees, academic partners, news and events.  Individual articles from each edition are published under our members only Risk Library resources section. PRMIA is sharing select articles from the November 2020 edition with the public. Get more articles like this by joining PRMIA today.

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