Question

Elaborate 5 (FIVE) methods of managing risks for finance/accounting profession in different industries during this pandemic situation.

Elaborate in details please because it contain 20 marks.

Answer 1

1) Readiness Assessments

Industry and role readiness templates as well as pandemic-specific templates allow an organization to evaluate their business continuity program against a best practice standard and identify where gaps may exist. These break down standards and best practices into actionable pieces so that organizations can track progress.

2) Risk Management Plan

All organizations should complete a risk assessment on their core business processes to identify and prioritize any new risks or gaps in their existing controls for new scenarios like pandemics risks.

3) Business Impact Analysis

A business impact analysis allows organizations to identify which parts of the business are most critical to its operations. Use the results to determine which parts of the organization to prioritize during a business continuity plan event to maintain operations.

4) Policy Management

As the pandemic evolves and new information arises, policies will need to be revisited and updated and communicated.

5) Incident Management

Incident management is typically a highly siloed activity embedded within a process. In times of change management, a unified enterprise-wide mechanism is needed as an input to evaluate the effectiveness of mitigation and policy activities as well as to manage the exceptions.