This pandemic left everything with a question mark with zero risk management. Are we ready to face such a crisis with no prior knowledge and ability to manage our business operations let alone services? The best tip to keep in mind is that a business’s complications are not limited to its competition, quality of service, or client reach in the market, sometimes crisis such as natural disasters and a pandemic could also bring organizational issues.
This COVID-19 outbreak taught us many things but the most certain and crucial one is the creation of risk management teams. It is important and helpful for businesses not just during a crisis but also in general as it constantly reviews and improves the basics of the risk function and strengthen its connectivity and collaboration across the business. It also helps in maintaining the regular business-standard and keeping up with the upcoming opportunities.
The financial services sector has witnessed a different range of complexities during the COVID-19 outbreak. With other sectors facing disruption in services and supply chain, the financial services sector needs urgent and utmost attention for it plays a critical role in maintaining people’s households and keeping the economy going. Not just this, it also provides a helping hand by being prepared to face severe financial shocks, unexpected salary deductions, and even unemployment. Utilizing different technologies and digital platforms by the financial sector can help immensely in maintaining and overcoming such sudden and uninvited issues. Many organizations providing the financial services are securing their hand on technology and digitization to help overcome difficult times such as this.
As per Accenture, 52% of risk functions in financial services companies plan to use social media data within two years, while just 5% do so today.
In generating economic opportunities and maintaining the cycle of supply-demand and supply-chain going, the need for preparing a risk management team up and about for the financial sector is an essential step.
The risk management teams have the ability to identify, scrutinize, and measure the upcoming or hovering issues in the market(of whatever kind they are). Technology and digitization have brought numerous such tools/software that makes the job of reviewing and alarming easier. Using such technology to help uplift the organization will only present a beneficial state of affairs. They are capable of measuring the effects and threats based on different and varying data and they are also capable of providing us new opportunities to grab.
Such apps are created which helps in identifying the upcoming or existing COVID-19 hotspots along with providing the varying customer behavior and preferences to tackle and adjust suitable business strategies.
Risk functions also require to master fundamental barriers that prevent connectivity and collaboration across businesses. The use of artificial intelligence, machine learning, and other trending technologies helps in recognizing different patterns in data and chart anomalies as they take shape and go up the chart or down. Advanced analytical and predictive modeling techniques filter through the huge quantities of customer data, supplier, product, people, and highlights such patterns. This ultimately makes everything and everyone aware of the upcoming threats and prepares them to protect (if not completely) parts of an organization crucial for making it run its operations and functions in a normal way.
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