Firms globally and across industries are focusing on risk and resiliency. The organization has to maintain operations in the midst of uncertainty and change, and this is becoming a key regulatory requirement in some industries (e.g., financial services). This requires a holistic view into the objectives and performance of the organization in the context of uncertainty and risk. Organizations are striving for business and operational resiliency that requires integration and symbiotic interaction of risk management and business continuity. The organization in 2021 has to be a resilient organization with full situational awareness of the interconnected risk environment that impacts them.
Resiliency is the capacity to recover quickly from difficulties/events; the ability of a business to spring back into shape from an event. This is very critical and organizations are moving to bring together operational risk management and business continuity management into what is now defined as an operational risk and resiliency program. Business continuity management as a separate function in the organization is a thing of the past and over the next two to three years we will see a mass migration to an integrated operational risk and resiliency program.
However, there is more that needs to happen. Organizations also need to be agile. Agility is the ability of an organization to move quickly and easily; the ability to think and understand quickly. Good risk management is going to clearly understand the objectives of the organization, its performance goals, and strategy, and continuously monitor the environment for 360° situational awareness to be agile. To see both opportunities as well as threats so the organization can think and understand quickly and be prepared to move to navigate to seize opportunities while avoiding threats/exposures to the organization and its objectives.
We need agile organizations to avoid and prevent events, but we also need agility to seize on opportunities and reliably achieve (or exceed) objectives. Agility is not just avoidance of hazards, threats, harms. Agility is also the ability to understand the environment and engage to advance the organization and its goals. Organizations need to be agile and resilient.
GRC in the News with Michael Rasmussen
Fireside Chat with Michael Campbell, CEO of Fusion Risk Management
Panel Discussion with special guests
CEO, Fusion Risk Management
Michael Campbell brings more than 35 years of software development and technology experience to Fusion. His exceptional executive management background includes several executive leadership roles and board membership positions, as he spent the beginning of his professional career co-founding and developing several successful start-ups. With a unique global perspective and strategic insights, Michael’s vision is to lead the company for growth and scale.
Previously, Michael had extraordinary success as an entrepreneur, founding Campbell Software in 1989, the company being recognized twice by Inc. Magazine for company growth. He led the organization through its acquisition by SAP in 1999. He then assumed senior and executive roles within SAP through to 2001. He has served as Executive Vice President and Chief Operating Officer at FICO and CEO at International Decision Systems.
Michael received his Bachelor of Science from Purdue University and was recognized as a Distinguished Engineering Alumni and Outstanding Aerospace Engineer in 2009. He is a proud father to three beautiful and intelligent daughters.
Rob van den Eijnden FBCI
Global Head Business Continuity & Resilience, Philips International B.V.
Rob van den Eijnden FBCI CISA CRISC
Is the Global Head Business Continuity & Resilience within Royal Philips (NYSE: PHG, AEX: PHIA) and globally responsible for execution of the global BCM program (the implementation of the Business Continuity process) and for the operational effectiveness of the Philips Business Continuity Management System (BCMS), which is certified according to the ISO22301 standard. Together with his team, Rob monitors operational risks and ensures the continuity of all Philips business units. In this capacity Rob has two secondary roles as Risk Officer for the Integrated Supply Chain within Operations and as a Senior Lead Auditor for the ISO22301 certifications. Rob has been actively involved in business continuity at various multinationals for over twenty years, as a consultant, auditor and for the last five years in his current role.
Finally, in May 2021 Rob’s global team was awarded with Collaboration in Resilience award by the Business Continuity Institute (BCI). In November 2020 Rob was awarded with the Global Continuity and Resilience professional (private sector) award by BCI and based on his continuous results in that category Rob entered the BCI Hall of Fame.
Head of Operational Risk and Resiliency, AQR Capital Management
Joe Woulfe is an Executive Director and Head of Operational Risk & Resiliency at AQR Capital Management. In this role, he brings over 15 years of experience in the financial sector to lead both operational risk and business continuity management. He is responsible for the planning and directing the Operational Risk & Resiliency framework, which is comprised of the programs for Business Continuity, Operational Risk and Vendor Risk Management at AQR, to identify and mitigate firmwide operational risks. Joe is a Certified Business Continuity Professional (CBCP) and an Associate Fellow of the Business Continuity Institute (AFBCI). Prior to AQR, Joe was a Vice President and Head of Business Continuity Management at Rabobank North America Wholesale. Joe earned a B.S. in computer information systems and an M.B.A. in international business from the University of Scranton.