Webinar: How to create a pandemic scenario
- 26 May 2020
New webinar from ORX Scenarios
Watch this recording from the ORX Scenarios team to hear our experts discuss how to create an operational risk scenario for pandemics.
Steve Bishop, Head of Risk Information and Insurance at ORX, is joined by Giuseppe Aloi, ORX Scenarios Manager, and Lily Loneragan and Sarah Reed from ORX to talk about what the industry has learnt from the coronavirus (Covid-19) pandemic.
What's discussed in the webinar?
The panel starts off by exploring why pandemic risk wasn't on the radar for most financial organisations for 2020 and whether it is really an operational risk itself or is actually a cause of other risks materialising – such as business continuity and people. They then take a look at why so few firms have submitted a pandemic scenario to the ORX Scenarios library.
The discussion then moves onto the different elements that need to be considered for a pandemic scenario description, including control failures, government measures and third party/supply chain implications, and the risk drivers and impacts.
Key impacts talked about include HR costs, business disruption and fraud (external and cyber), while the panel focus on staff availability, IT capacity, third party resilience and government measures as the main risk drivers. Finally, the webinar takes a look at the changes coronavirus is bringing to scenario practice.
Looking for more resources to support you with coronavirus?
We've got lots of free resources freely available to help you with coronavirus, including more on pandemic scenarios from ORX. In addition to this, you can also read about:
- How to capture operational risk losses due to coronavirus
- The latest operational risk and coronavirus news
- The current industry priorities in summaries of discussions with our global membership