The Institute of Internal Auditors Philippines (IIAP) held the IIAPRisk Summit 2021 on 11-13 August. With the theme Risk Reset: Respond, Recover, Reimagine, speakers of the summit encouraged participants to reevaluate their companies’ risk management practices and develop strategies that can better mitigate the risks caused by the pandemic.
JMC presenting at the summitConsulting Partner Joseph Ian M. Canlas (JMC) was one of the speakers at the plenary session on Risk Mapping: Then, Now & Beyond. He discussed the results of the EY Global Board Risk Survey 2021, which revealed how some board members view enterprise risk management and the need to reframe risks as opportunities. He encouraged participants to reframe the future of their organizations by thinking beyond today’s challenges to understand how they and their organizations can bolster risk management to drive growth and build resilience against future disruption.
JMC also shared the top risks for 2021 based on the survey. He explained that COVID-19 is not only a major risk event — it accelerated risks that were already omnipresent such as cybersecurity attacks, supply chain disruption and other external threats. He then discussed how organizations were able to adapt to the latest disruptions, emphasizing the value of organizational stress testing and contingency planning to ensure business continuity and resilience.
