and that applies to internal audit as well…
The following article has had over 500 views in 2 days on LinkedIn, I hope you find it helpful.
I’ve just facilitated a two-day head of audit event, with only one person pulling out because of COVID19. However, it was inevitably a key topic of conversation, and here are some reflections that might be of interest:
COVID19 has reinforced, again, the problem with a “failure of imagination” in many risk management processes.
A failure of imagination was one of the key learnings from the 9/11 tragedy, and it looks like many organisations have found themselves with a similar problem with COVID19, and all its knock-on impacts. It may not be a big priority right now, but all organisations who have felt blind-sided by what has happened should be prepared, at the right time, to take a long hard look at their risk management processes.
What other risks are there where might we be thinking “that will never happen”?
How do we make sure we prioritise impact over probability?
How good is your organisation in thinking through the knock-on consequences of one risk on other aspects of its operations? Continue Reading