Webinar Recap & Poll Results: COVID-19 – Conversation with TRPM Leaders

Written by Atul Vashistha

Supply Wisdom recently hosted a webinar discussion among risk leaders with experience working at Deutsche Bank, Citi, and others on the COVID-19 crisis. Topics included what problems leaders are experiencing and observing and also possible solutions as the crisis continues to evolve. Following the webinar recap are links to the recorded webinar and the webinar presentation.

Meantime, check out our forthcoming webinar on COVID-19: Responding to Cascading Risk.

Key Takeaways:

1. What problems have leaders experienced thus far?

* Deterioration in health of third parties.

* Problems optimizing work from home, for instance not have enough licenses, security or technology assets to be able to enable a significant amount of people working from home.

Poll question: Has your third-party performance deteriorated in the last 2 weeks?

60% of respondents responded that they have already seen a deterioration in third-party performance.

2. What are people observing:

* Risks are cascading – which means that there will be progressive failures if this continues.
* The expectation is there will be more progressive failures precipitating the need to be able to understand and know on a timely basis the shortcoming or failings for both locations and third parties.

Poll question: How confident are you in your ability to monitor your third parties’ changing risk profile?
64% off the respondents are wary of their ability to monitor their third parties’ changing risk profile.

3. Solutions discussed:

* The need for timely information highlights the Importance of leveraging a risk intelligence solution that provides real-time and continuous risk monitoring and alerts so that leaders have access to the latest intelligence as the crisis continues.
* The need to react quickly and make informed risk mitigation decisions means risk intelligence must be curated so that risk responders don’t spend time finding relevant news.
* The need to take proactive, decisive action requires a response mechanism, either a response center or analysts (inhouse or sourced), that can provide guidance and monitor the actions that you take to mitigate those risks.