How the pandemic changed risk management

Written on Feb 25, 2021

By Nicole Fracasso, OSCPA communications intern 

The coronavirus pandemic has changed the way organizations conduct business, said Tom Armstrong, CISA, CDPSE, senior manager at Clark Schaefer Consulting. 

“Organizations have been forced to enact preparedness and business continuity plans,” he said. “And enterprise risk management is becoming more important than we’ve seen in prior years.” 

Next month, Armstrong will present alongside Joe Schmidt, CIA, CRMA, senior manager at Clark Schaefer Consulting at OSCPA’s Strategic Finance and Accounting Virtual Conference. 

Man smiling for camera.

During their presentation, the two will discuss enterprise risk management and address the emerging risks that may not have been considered prior to the pandemic. 

“The need to properly assess these emerging risks has elevated to a really critical level,” Armstrong said. “We would like to touch on those different risks and the need to consolidate enterprise risk management.” 

In addition, Schmidt said it is important to take lessons learned during the pandemic into an organization’s future. 

“All of us will remember this, keep that in the front of your mind as you move forward,” he said. “Keep all these things in mind, that they are real and can drastically change the way we’re working and how our jobs and our businesses operate. Disruptions occur even when we think that we’re insulated.” 

Armstrong also emphasizes the importance of being adaptable. 

Man smiling for camera.

“Communication and adaptability are key when trying to evaluate emerging risks or looking at the business continuity plan,” Armstrong said. “You really need to have all involved parties discussing those problems and coming up with solutions.” 

Schmidt said to keep in mind that enterprise risk management is not stagnant, organizations must be able to adapt on a regular basis. 

“Keep agility to your organization in order to shift and switch when disruptions occur,” he said. “Make sure you have that ability to shift gears really quickly.” 

Both Armstrong and Schmidt said they are most looking forward to interacting with the audience and having the opportunity to discuss best practices. 

“I’m looking forward to getting together with folks and being able to understand where everyone’s at right now and what has changed over this past year,” Schmidt said. “And really just seeing the best practices that are out there and different themes as we go through different sessions.” 

Learn more from Armstrong and Schmidt at OSCPA’s Strategic Finance and Accounting Virtual Conference on March 25. Register here