GRC Solutions invited 52 Risks Creator and Founder, Peter Deans, to be a guest blogger for them.
In the article, Operational Risk Management in a Period of Disruption – Will Normal Programming Resume Shortly ?, Peter wrote about the 8 key actions and focus areas for operational risk & compliance teams at banks and financial institutions, in response to the COVID-19 pandemic:
1. Deferring any low priority or non-essential operational risk activities;
2. Liaising closely with internal governance forums and regulators;
3. Focus on supporting business functions and activities that are being significantly redesigned;
4. Maintain strong oversight of key compliance and customer outcomes;
5. Bringing forward automation and process efficiency initiatives that can support a leaner and more nimble organization;
6. Review management reporting;
7. Conduct a review of material third party arrangements; and
8. Monitor the impact of restructuring and downsizing.
And – to jump to the conclusion – normal programming won’t resume shortly. Read the full article here.
