From ensuring business continuity to staying abreast of current sanctions, many associations have been struggling about how to respond to the rapidly changing war in Ukraine.
In addition, organizations – especially trade associations – are facing challenging questions about what it means to be global in a time of war, the significance of being non-political or not, and how to communicate with impacted staff and members, while remaining relevant to them.
In this recorded interview – which took place on Thursday 24 March – Nancy Foster, of the Risk Management Association, and Francisco Gomez, of Factum Global, share their insights on how to react and pro-react.
Here’s a snapshot of what you’ll hear in this 15-minute video:
Regardless of the situation, sanctions are always a very serious event for financial institutions as world economies are very inter-related and compliance issues can arise quickly.
There are many other ways the Ukraine war could affect banks, though, including most certainly a cyber attack.
The Ukraine war has definitely given risk management a new dimension.
This is a test to the relevance associations provide to their members. In fact, as dramatic as the situation is, this is an opportunity for association to be even more relevant, engaged with their members, by being transparent and ahead of the challenges it represents.