The impact of the Covid-19 pandemic and Russia’s invasion of Ukraine have highlighted a series of challenges for Risk Managers, two black swans that arrived back-to-back created scenarios in which many organisations were left scrambling for solutions that would allow business to contin-ue. Albeit an exceptional case, the weaknesses and vulnerabilities that emerged have given us the opportunity to reflect on our capabilities and resilience. There is no reason to suppose that the future will not hold a series of challenges that will be any less dramatic, indeed diminishing global stability, climate change and a reset of geoeconomic power will all pose a number of challenges that organisations need to prepare for. If the Risk Management profession is to successfully man-age the transition to our future world it needs to prepare for the emerging and unforeseen scenar-ios. To do this a series of important competencies are required, however, many of the required skills are already very well established and therefore the effort must be on identifying which are priority competencies and how to put them to best use. Silos are one of the most serious prob-lems, scenarios where departments and individuals are not working as efficient teams, to counter this organisations will have to make an effort to combine the skills, knowledge and competencies of departments and single employees to develop far more efficient communications and decision making processes. The onus should be on building efficiency: whose skill sets are we talking about, how can we build efficiency into our processes, and what are the practical considerations? Organi-sations are having to deal with cyber risks, political risk, geopolitical risk, conflict, climate change, and many other considerations that require specific information and analysis. Different actors play different roles and the challenge is to join them up and work as an efficient, multidisciplinary team capable of identifying and understanding emerging risks. Without this capability organisations will not have the ability to devise mitigation strategies and will struggle to implement the response measures necessary to successfully managing the scenarios that the future holds. Disruptors will be a constant threat and thus the only answer is to merge our in-house skills and knowledge so as to create efficient multidisciplinary teams capable of delivering solutions.

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FERMA @fermarisk 4 days ago
What can you expect from this year's #fermaforum? Across the 2 day event, we have a wide variety of sessions, keyno…