A successful business strategy depends on the ability to perform an astute risk assessment. That’s hard enough to deliver under the best of circumstances — and COVID-19 leaves companies performing risk assessments under some of the worst. Clearly fresh risk assessments are necessary.

COVID-19 has transformed a host of business operations, and that means a host of business risks have changed, too. At the same time, however, your ability to assess those risks has come under strain, often in very practical ways. The purpose of the business assessment is to identify core functions and key people in your business to understand:

Parts of the business most under strain, so you know what to protect.
Opportunities to boost certain products or services to meet changing customer demand.
New ways of working that can benefit both employees and customers

The question becomes, what specific factors should professionals take into account to perform a business risk assessment in this COVID-19 environment. It is easy to say “everything” has changed but what does that really mean to your business and your strategies?

This CPE webinar will be particularly interesting for Accountants and Finance professionals, Internal auditors/Professionals considering the role of internal audit, and Legal and Compliance professionals as it covers the following subjects:

Key Topics Covered:

The concept of business risks assessments
How the COVID-19 pandemic had changed the way organizations should approach and execute their assessments
Risk factors embedded in the new business environment
Discuss the reality of taking this opportunity to pause and take a critical look at your current business so you know what to protect and where to focus your efforts.

Learning Objectives

To evaluate the difficulty with the traditional risk assessment process
To examine key risk exposures that may have arisen due to COVID.
To explore 3 core components of a dynamic risk assessment to decide on risk management approach, to determine risk appetite, and to detect risks and control weaknesses
To understand and explore variations in the concepts of risk appetite, risk tolerance and likelihood.
To examine how to safeguard your business with COVID-19 risk management tactics
To explore model or scenario type risk assessment plans