Managing risks during the pandemic

Certified in international risk management, Liberty Life Namibia’s risk and compliance manager, Spencer Kazeundja, talks to Business7 about the new business landscape.

28 July 2021 | Business

All organisations need a cohesive team culture in place to achieve success.

B7: What is the most important lesson businesses should learn from the pandemic?

SK: The Covid-19 pandemic has shown us just how quickly our way of life can be transformed, considerably impacting businesses and global economies.

During this unprecedented time, we’ve seen disruptions impacting organisation of all sizes demonstrating how fragile we all are to a crisis. The world as we know it has changed, and organisations need to change along with it.

Detailed planning and groundwork across the organisation is paramount to ensuring your organisation can survive the very real threats of the pandemic.

B7: How does one achieve operational resilience with business continuity management in these times?

SK: Business continuity management or BCM is the cornerstone of a risk management platform.

The organisation’s ability to protect people, assets and business while ensuring continued service in the best interest of its customers in the event of a disruption is critical to its sustained financial success.

BCM gives organisations the ability to set up scalable solutions that evaluate operations and identify gaps to ensure resilience and provide the certainty that your organisation requires to recover quickly and efficiently through any business disruption.

All staff members must be aware of their individual responsibility towards building a BCM capability for the organisation and must incorporate this into their job deliverables.

A risk assessment and a business impact analyses must be completed for the organisation to determine how it will be impacted by the pandemic and which resources are required to recover.

B7: How does one cultivate a sound risk culture?

SK: Effective risk management starts with having a good team and stakeholder culture. All organisations need a cohesive team culture in place to achieve success.

The risk culture encompasses the tone at the top and a set of shared attitudes, values, behaviours and practices that characterise how individuals within the organisation consider risk in their day-to-day activities.

Organisations therefore need to drive a culture where every individual takes accountability within their area of responsibility for ensuring that business is done in the right way and that resources are managed responsibly.

B7: Working from home has become part of the new normal. How should organisations approach this development effectively?

SK: Focus on the people of your organisation by thinking about their needs and struggles working remotely or on the front line. Organisations need to understand that employees are likely feeling overwhelmed and anxious about circumstances related to the virus.

Working remotely can cause people to feel isolated, making it more important to routinely check in with your team - not only about their work, but also to see how they are doing.

B7: How can organisations successfully address cybersecurity concerns relating to remote working?

SK: Cybersecurity concerns have ramped up in the wake of the pandemic and the rapid transition to remote working setups further complicates security demands - with more employees using personal devices and networks to do their work and access organisation data.

As such, organisations need to approach their cybersecurity needs in a way that fully accounts for remote working. Organisations should encourage employees to step up their security measures when working from home, including taking the following actions:

· Continuously raise awareness and remind individuals of the dangers of cybersecurity;

· Demonstrate to staff how to identify and report phishing emails and other related threats;

· Protect organisation data by using strong passwords and encryption; and

· Continuously assess and test the robustness of the organisation’s cyber defences.

B7: How important is it to have a comprehensive understanding of the risks your organisation might be exposed to?

SK: Developing a robust understanding of the risks to which the organisation is exposed is crucial to ensure that all material risks are appropriately monitored, managed and reported on. Every individual within the organisation is responsible for understanding the risks associated with their role.

Organisations can develop an understanding of risks through the identification and assessment of risks to which they are exposed. These processes are performed as part of strategy setting, strategy execution and day-to-day operations and are referred to as risk and control self-assessments or RCSAs.

B7: Any concluding thoughts on how organisations should navigate stormy business waters?

SK: It is crucial for organisations to take learnings from previous incidents to ensure continuous improvement in the management of risk.

It is also critically important to note that risks can be leveraged as opportunities. The Covid-19 pandemic has caused organisations to move away from siloed thinking in terms of risk management. Moving forward, it is all about finding the opportunities in risks and expanding upon them to create a positive outcome for your organisation.

The challenge with any threat is that if you’re unprepared to face it, you are forced to react in the moment. Many organizations have found this to be the case when dealing with the fallout of Covid-19.

Take control now, while you can.

Similar News

 

Heimstädt steering road safety

19 hours ago | Business

Rivaldo KavangaHorst Heimstädt is the CEO of the Namibia Road Safety Forum, a private organisation which does extensive work in the Southern African Development Community...

FNB to strengthen its support to MSMEs

19 hours ago | Business

PHILLEPUS UUSIKUProparco, a private sector financing arm of Agence Française de Développement Group (AFD Group), granted a EURIZ portfolio guarantee of N$ 68 million to...

Rising like a phoenix

19 hours ago | Business

Mariselle StofbergWilhelmine Mutorwa has used every opportunity she is given to become the best version of herself. For Wilhelmine Mutorwa, giving up has never been...

Digital marketing training underway countrywide

19 hours ago | Business

Michelline Nawatises The Namibia University of Science and Technology (NUST), through the Centre for Enterprise Development (CED) and in collaboration with the Deutsche Gesellschaft für...

COMPANY NEWS IN BRIEF

19 hours ago | Business

ABB lowers sales guidanceABB lowered its full-year sales outlook on Thursday, as the Swiss engineering and technology group became the latest company to flag shortages...

Startup Leo Canopus digitalising communities

1 day - 21 October 2021 | Business

STAFF REPORTERLeo Canopus was among the seven startups selected in early March, for an initiative by the Namibia Business Innovation Institute (NBII) titled the NBII...

Kapana Cook-Off competition winners crowned

1 day - 21 October 2021 | Business

STAFF REPORTERWindhoek resident, Kristy Shomongula, became the seventh winner of the Nedbank Kapana Cook-Off competition. The final which took place at Shanghai Park Lounge on...

COMPANY NEWS IN BRIEF

1 day - 21 October 2021 | Business

Halliburton posts Q3 profitUS oilfield firm Halliburton Co on Tuesday posted its third consecutive quarterly profit and said customer spending in the United States could...

Challenges ahead on ICT highway

2 days ago - 20 October 2021 | Business

Jo-Maré Duddy – Always on the look-out for a solid home for at least 45% of their assets under management, Namibian institutional investors will likely...

Understanding double taxation agreements

2 days ago - 20 October 2021 | Business

Anneri Lück - In my previous articles I gave an overview of some of the important considerations when operating across jurisdictions. One of the...

Latest News

Heimstädt steering road safety

19 hours ago | Business

Rivaldo KavangaHorst Heimstädt is the CEO of the Namibia Road Safety Forum, a private organisation which does extensive work in the Southern African Development Community...

FNB to strengthen its support...

19 hours ago | Business

PHILLEPUS UUSIKUProparco, a private sector financing arm of Agence Française de Développement Group (AFD Group), granted a EURIZ portfolio guarantee of N$ 68 million to...

Learners don maize sacks for...

19 hours ago | Education

TUYEIMO HAIDULA OSHAKATI Learners at Omuthiyagwiipundi Combined School in Omuthiya are forced to wear maize sacks each time they misbehave at...

Itula changed, says suspended Smith-Howard

19 hours ago | Politics

Staff Reporter WINDHOEKSuspended Independent Patriots for Change (IPC) Swakopmund constituency councillor Ciske Smith-Howard says her party leader, Dr Panduleni Itula, has become...

The face of the southern...

19 hours ago | People

Michelline Nawatises Victoria Ndemupa Muhuura was born in Wavis Bay. She attended at Andimba Toivo ya Toivo Secondary School in the Oshana Region, and...

Zozo’s Leather: Your dream product

19 hours ago | People

Rivaldo Kavanga Celesty Cupido worked in the tourism industry and realised over the years that many Namibian accommodation establishments do not showcase or sell...

Rising like a phoenix

19 hours ago | Business

Mariselle StofbergWilhelmine Mutorwa has used every opportunity she is given to become the best version of herself. For Wilhelmine Mutorwa, giving up has never been...

Africa calls for climate finance...

19 hours ago | Economics

ALESSANDRA PRENTICEAfrican countries want a new system to track funding from wealthy nations that are failing to meet a US$100-billion annual target to help the...

EDITORIAL: We are guilty of...

19 hours ago | Opinion

A lot needs to be discussed in our country – from race and sexual rights to abortion. The country can’t stop talking, even when such...

Load More