Eighteen months ago I asked the following question of an executive working in the financial sector and a very senior police officer:
Are you guys considering hiring Bi-lingual employees?
I would respectfully submit that Trinidad and Tobago should have been more prepared to treat with what has been happening over the last 2 weeks (e.g. registration of Venezuelans), if the decision makers were employing more risk based decision making such as: scenario planning/analysis and being more proactive and anticipatory.
One did not need a “crystal ball” to see what the possible scenarios and risks would have been and still is, arising out of the Venezuelan crisis.
Having said that, there are opportunities in any given crisis. The following questions therefore arises:
- Have you and your institution conducted a risk and opportunity assessment on Venezuela and the Venezuelan migration?
- Do you need to revisit/update our strategic plans?
- What about your risk profile/risk appetite?
- Have you met with your risk teams to chat about any NEW risk and opportunities around financial risk, legal, compliance, operational risk, HSE, demand risk, culture risk, disaster recovery and BCP?
- What about our social services, not immediately but one year from now?
Trinidad and Tobago and by extension your organization has been/will be disrupted. A determination must now be made as to what is the extent of this disruption and measure/quantify both the constructive disruption element and the negative disruptive potential.
The velocity and complexity of the risks we are exposed to is rising. How prepared are you ?
Ken Hackshaw – Lead Faculty for Professional Certificate in Enterprise Risk Management. Find out more about our Professional Certificate in Enterprise Risk Management at 868-645-6700 ext. 367