On Friday, June 25th, ICAP fellows Association, hosted an event entitled “How to Think about Risk Using a Multidisciplinary Approach” moderated by Earl Carr (Chief Global Strategist, Pivotal Advisors) and ICAP Fellow 2004. The exceptional panel consisted of the following:
- Celia Kapsomera, Lecturer, Columbia University School of Professional Studies.
- Elmer Huh, Chief Investment Officer, Murdock Charitable Trust
- William Adjei, Alliance Director, CBRE
- Don Wang, General Manager, Varsal
COVID-19 and globalization continues to alter the nature of how organizations think about risk management and how they need to take a multidisciplinary approach to redefine how risk and its various components should be mitigated. The panelists discussed the US economy overall, as it reopens while other global economies are still emerging from lockdown; How can and should organizations think about global supply chains in a post-pandemic world? More importantly, what are some best practices and critical lessons learned in how companies and organizations think about risk management?
Banks, private equity firms, and non-profit organizations alike are responding to the dynamic environment around them by re-engineering all dimensions of their organizations. Panelists commented that there is a change to the traditional functional firm to a customer group or industry focus, offering new services and developing contingency planning for both a covid and post covid environment. For example, cereal packaging suppliers are being creative by downsizing product size to save on costs. Some companies have chosen not to renew their commercial leases for their offices and require employees to continue working from home.
The panelists discussed workplace inclusivity and the importance of having insurance, and the effect of high levels of inflation on the economy. Around 52% of the participants believe that increasing access of communities of color to capital, financial literacy, and mentorship is critical to building a more equitable and inclusive environment for managing risk across industry sectors. With more of a heightened awareness of the critical need for communities of color to have access to capital, financial literacy, and mentorship, this can in turn lay the critical foundation for more progressive change. For more information regarding the ICAP fellows please see the link below.