Thu, 18-Aug-2022
Tuesday 05 May 2020 , 2:23 pm

Risk Management Solutions are Aiding Organizations to Survive in COVID-19 Pandemic

Risk management solutions or services help to identify, assess, and analyze process that facilitate the organization to mitigate potential risks or threats to the business.
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Ongoing coronavirus pandemic is teaching countless lessons to many sectors and the risk management market is one of them. The crisis has forced people to work from home and this virtual working environment is creating issues regarding privacy, security, communication, documentation and governance. This situation is demanding organizations to implement risk management solutions or services.

Risk management solutions or services help to identify, assess, and analyze process that facilitate the organization to mitigate potential risks or threats to the business. So, it has become necessary for the organizations to adopt required risk management-based business practices to ensure the continuity of operations. Now, many companies have implemented multiple risk management driven tools/service for major business operations including finance, compliance, operational, governance, and communication.

In the era of automation, companies in the market have started to provide automated risk management solutions or services as per the requirement. For instance, last week, TrustArc, a privacy compliance and risk management provider, announced an expansion to the TrustArc Privacy Management Platform that simplifies and automates the process of managing privacy and data risk across the entire organization.

"TrustArc is the only company that offers a fully automated privacy platform with the depth of privacy intelligence required to navigate today's complicated regulatory environment and unpredictable business challenges," stated Chris Babel, CEO at TrustArc. "The new capabilities of the Risk Profile provide a simplified view of risk obligations to facilitate quick business decision making. These critical new features further cement customers' ability to develop a holistic and scalable privacy program."

Major companies including Accenture Plc, Allgress, Inc., ControlCase LLC, Crisil Limited, and Dell Inc. (Dell EMC) are already active in the Risk Management Market. A research report published by The Insight Partners predicts that the global risk management market will provide substantially large number lucrative business opportunities for the market players in coming years.

COVID-19 and Risk Management Industry

Covid-19 pandemic is that crisis for which no one was prepared. Many industries including manufacturing, transportation, supply chain, construction, and automotive etc. are going through economic damages. To support these, many risk management companies or organizations are launching innovative initiatives.

In last week of March, the Risk Management Association has created some resources to help financial institutions to respond the challenges caused by COVID-19 pandemic. Those resources include RMA's Coronavirus Blog, a series of webinars, a Coronavirus Resource Center website, and online versions of round tables, and conferences. Members are able to get benefits from these resources with thought leadership and peer sharing while staying safe at home and following the required restrictions to recover from this crisis.

To fulfill the needs of Commercial Real Estate (CRE) partners affected by COVID-19 pandemic, Okapi announced last week that it has developed Tenant-Lease Risk Manager. With this manager, CRE executives can easily make data-driven decisions to navigate risk caused by COVID-19 while providing a Risk Management framework as we emerge from the pandemic. By using the power of AI and ML to process data from internal data sources, external data sources, third-parties and various internal business systems, Okapi predicts ongoing Tenant-Lease Risk and gives teams the tools they need to mitigate those risks.

Neha Mule

Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.

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