{"id":22033,"date":"2020-04-22T16:03:59","date_gmt":"2020-04-22T15:03:59","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=22033"},"modified":"2020-04-22T16:03:59","modified_gmt":"2020-04-22T15:03:59","slug":"risk-managers-task-organisations-on-post-covid-19-business","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/risk-managers-task-organisations-on-post-covid-19-business\/","title":{"rendered":"Risk managers task organisations on post-COVID-19 business"},"content":{"rendered":"\n

By Moses Uwagbale<\/strong><\/p>\n\n\n

The West African Lead, Ernst &Young (EY), Mr Ben Afudego, has listed four things that organisations need to do when planning to get back to work after COVID-19 lockdown.<\/p>\n\n\n

He spoke during an on-line COVID-19 webinar conference on Risk Management, organised by EY in collaboration with Risk Management Association of Nigeria (RIMAN).<\/p>\n\n\n

The theme of the conference was: \u201cRisk Management for Business Resilience: \u201cThe Now, Next and Beyond\u201d.<\/p>\n\n\n

Afudego said: \u201dFirst is that you have to perform a review of your objective and strategies.<\/p>\n\n\n

\u201cAs you do that, you need to look at the external environment that are going to affect your business.<\/p>\n\n\n

\u201cYou need to look at your vendors, your suppliers or third party that provides you with technical support to know if they are still available to still be in business after the lockdown.<\/p>\n\n\n

\u201cYou also need to look at the regulators, if they are going to come out with a new mechanism around which you will operate.<\/p>\n\n\n

\u201dSo, all these four external levels are going to challenge what you do as you try to stabilise your business and optimise it for better performance after the lockdown,\u201d he said.<\/p>\n\n\n

Other top risks managers, at the online seminar, also advised organisations to prepare for the post-COVID-19 economy, to create sustainable businesses going forward.<\/p>\n\n\n

The President, RIMAN, Chief Risk Officer, Coronation Merchant Bank, Mr Magnus Nnoka, advised business owners to begin to think of new business approaches that they would be needing post-COVID-19.<\/p>\n\n\n

\u201cWe are in a crisis period globally, and what this means is that when we come out of the COVID-19, we are going to be talking of the past, because some of the things we have seen in the normal situation, we are going to have a new normal.<\/p>\n\n\n

\u201d This means that some of the risk approaches we have used in the past may not be of any use anymore.<\/p>\n\n\n

\u201cSome of the products we have also offered to customers might not be what the customers are also going to be expecting.<\/p>\n\n\n

\u201cSo, we are going to see a new normal, and that new normal will come with a new opportunity and challenges and with new approaches,\u201d he said.<\/p>\n\n\n

Mr Benson Uwheru, Partner, Financial Services Risks Management, EY, urged organisations to re-prioritise in order to stay abreast of the key issues on the pandemic.<\/p>\n\n\n

He said: \u201d Oil plunged to its lowest and traded less than 11dollars per barrel, just yesterday.<\/p>\n\n\n

\u201cCBN has also tried to devalue the naira from the initial exchange of 307 to 360 and this move will require dollar demands to move foreign exchange demands, which have its own negative effects on the Nigerian equity and fixed income market, with naira losing value to the dollar.<\/p>\n\n\n

\u201cThe stock market has also taken a big hit due to the virus, market capitalisation has also dropped significantly.<\/p>\n\n\n

\u201cThese just tell you that the virus has clearly disrupted businesses, organisations, families, communities, nations and the global economy.<\/p>\n\n\n

\u201d So, the test for organisations will not just be developing capabilities to deal with this destruction, but the agility by which they can focus their resources and collaborate as a system to respond strategically in times like this,\u201d he said.<\/p>\n\n\n

The Chairman, Board of Trustees, RIMAN, Ms Folakemi Fatogbe, said at a time like this, it was important for risk managers who were the CEOs in every organisation, to be guided when coming up with written outlines.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Moses Uwagbale The West African Lead, Ernst &Young (EY), Mr Ben Afudego, has listed four things that organisations need to do when planning to get back to work after COVID-19 lockdown. He spoke during an on-line COVID-19 webinar conference on Risk Management, organised by EY in collaboration with Risk Management Association of Nigeria (RIMAN). […]<\/p>\n","protected":false},"author":1,"featured_media":22047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[126],"tags":[],"class_list":["post-22033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade-and-industry","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nRisk managers task organisations on post-COVID-19 business - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/risk-managers-task-organisations-on-post-covid-19-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Risk managers task organisations on post-COVID-19 business - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"By Moses Uwagbale The West African Lead, Ernst &Young (EY), Mr Ben Afudego, has listed four things that organisations need to do when planning to get back to work after COVID-19 lockdown. 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