Video series: Risk and governance implications of COVID and beyond | Launch video + series w/e 27 March 2020

The Davies Report - Thinking Risk Differently

Different times require a different response – video launch

On 3/13 I blogged calling for a different approach – right for right now.

Since then we’ve launched, scaled and repurposed a number of things.

The biggest one was the daily LinkedIn video series on the risk and governance implications of coronavirus/COVID 19 which went live on Monday.

It’s been an extraordinary response. As I write this we have delivered 6 short videos which are now approaching 10,000 views.

For speed and reach we’ve been using LinkedIn as the distribution platform. We’ll aim to load the video to the website when we can. If you don’t want to wait, the quickest way is to follow me or Tom McLeod on LinkedIn.

This is free of charge and not behind a paywall. It is our way of helping people to lead and get out in front in extraordinary times.

Note: Apologies, the first ones are a bit wooden. They get better from Wednesday onwards and are marginally competent by the end of the week.

Wednesday, 18 March 2020
Launch video

Key Points

In times like this, it’s really important that we look out for each other, keep our lines of communication open and share what we know based on the best available information.

It is clear to us that people are operating off vastly information and that good risk responses are evolving on a daily if not hourly basis. We want to share some of what we’re seeing, hearing and thinking to manage risk during the COVID crisis.

Each workday we will aim to provide our thoughts on:

  • The risk and governance implications of the day’s coronavirus related news.
  • The key themes that organisations need to consider
  • Answers to the questions that we have been receiving.

We will also aim for two key takeaways that you can choose to use.

Monday, 23 March 2020
Rapid, scaled scenario analysis

Key points

  • You must be now assessing the effect of uncertainty on your objectives (the classical definition of risk).
  • You need to be modelling scaled impact scenarios on your business. 
  • Scenarios should include very worst-case scenario up to an including 100% loss of revenue/cash flow and outages for:
    • A month (end of April 2020)
    • Three months (end of June 2020)
    • Six months (end of September 2020)
    • A year (end of March 2021)
  • You need to be modelling scaled impact scenarios on your business looking at operational, financial, physical security; IT security and resourcing.

Tuesday, 24 March 2020
Cyber and comms

Key points

  • Focus on your cyber security in this period of extreme distraction.
  • Make sure that you continue your Board and Executive Leadership meetings.
  • Harden and boost your comms, IT and remote working where appropriate.

Wednesday, 25 March 2020
Cross border and fraud

Key points

  • If your enterprise risk management framework isn’t in sync with what’s happening right now it needs radical overhaul. 
  • Principal risks are enduring. Get your principal risks on a single page.
  • Enterprise risk management needs to be focused on 3 horizons that are separate but interrelated.
  • All three horizons need to be dealt with simultaneously which requires enormous leadership effort.
  • Make sure you follow official public health channels for latest information.

Thursday, 26 March 2020
Fraud risk

Key points

  • As with cyber security – when there are moments of great disruption or distraction – these are moments that are highly conducive to fraud.
  • Someone with malicious intent will see it as a window to produce fraudulent documents that may otherwise have been more closely examined in calmer times; and destroy incriminating documentation.
  • Be ever vigilant and let’s look out for each other.

Friday, 27 March 2020
Gratitude, upside

Key points

A moment of reflection on what we have learnt about ourselves:

  • The extraordinary ability of people to learn, adapt and come together. People can be amazing in a crisis and on balance this is exactly what we’re seeing.
  • We’ll all be fitter and more capable when we come out the other side and with new skills.
  • Innovation curves have collapsed and we’re seeing extraordinary breakthroughs in how we will work in the future. It’s hard to see now, but when we get through this we’re likely to see a golden age.
  • Risk management profession based on assessing key risk should never be the same when society has experienced a once in a 100-year event. It should examine where it added value or was it an organisational blocker before, during and after the event.
  • The hourly reminder of the importance of accurate and fact-based information.
  • The block on working from home or remotely was always a management decision that focused on presentism rather than output. That has changed in many countries forever in the space of one month.

Thanks Tom and to all the extraordinary people doing extraordinary things during extraordinary times.

Stay safe, let’s look out for each other and we’ll see you next week.


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