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Pandemic Risk Management vs. Realistic Enterprise Risk Management
Due to the current Pandemic Risk occurrence, effective risk management is top of mind. We hear so many acronyms, ERM, BRP, DRP, BCP, etc…
ERM is a risk management framework, which typically involves identifying and assessing events or circumstances relevant to the organization’s objectives in terms of probability and severity of impact, to determine the adequate response measures.
BRP (business resumption plan) addresses the return to normal business activities after an emergency, but it’s delimited in time and scope, focusing on preventative measures only.
DRP’s (disaster recovery plan) objective is to restore critical IT systems; mainly communications, hardware, and IT assets. They aim to minimize business downtime and to have technical operations back to normal as fast as possible.
Then, we have the BCP (business continuity plan) which focus is on ensuring that regular business continues even during the crisis period.
Pandemic Risk has no boundaries in time or scope. Usually, the economic systems are shutdown and governments are in charge till the health authorities and experts agree to reopen them.
The challenges we face during the Pandemic period are many. They are even greater beyond the Pandemic when the whole economic system will need to evolve and adapt to the new reality.
In the meantime, what is the best approach to ensure financial and operational resilience now and in the future?
About Messaoud Abda, Adm.A., CFE, CCO, CPA, FICB, MBA, PDO
Mr. Abda is a professional with over 25 years of diversified experience in finance and accounting. He is an executive at the accounting firm Raymond Chabot Grant Thornton, and he is a renown expert in compliance issues. He partners with institutions and universities in finance and accounting mandates. He is an expert witness at court, he is an instructor at several professional associations, and he is a lecturer at HEC Montréal, and McGill University.
Graduated from the HEC Montréal, he is a CPA member of CPA Canada, where he is actively involved in training and coaching CPA candidates for the Common Final Examination (CFE), he is a Fellow of the Institute of Canadian Bankers, and he is a CFE member of the ACFE (Association of Certified Fraud Examiners).
As an expert in governance, ethics, compliance, risk management, accounting and financial strategy, he served large institutions in Canada and abroad. He is an adviser to governments, accounting firms, and international organizations in fiduciary practices in finance and accounting, and he is regularly invited by the media to comment compliance issues and by professional associations and institutions as guest speaker.
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