COVID-19 Risk Management Assessment (CRMA) Tool for Financial Institutions

COVID19 has been impacting Financial Institutions in various ways directly and indirectly. Curfews forced business closures, rapidly decreasing portfolio qualities and decreasing portfolio volumes, staff under quarantine, decreasing liquidity reserves, unavailability of foreign currency hedges are just a few examples on how the business of Financial Institutions is affected.

Our tool maps the preparedness of a financial institutions to cope with these and other challenges across five dimensions: 1.) Human Resources, 2.) Business Continuity/Operations, 3.) IT and Disaster Recovery, 4.) Communication, and 5.) Finance.

In each dimension we measure the state of preparedness of the institution in various aspects and allocate points on a scale from 1 (lowest) to 5 (highest). The result is presented in a spider graph that illustrates relative strengths and weaknesses of an institution.

The spider graph also allows cross company comparisons and monitoring over time. LFS Advisory will review with your target institution their appropriate systems and preparedness and finalise the results.

LFS is launching this CRMA tool as a second in its series of similar tools. We are applied our approach of our first Digital Finance Readiness Tool, which is tested and well received by clients worldwide. LFS certified experts do cater for clients in English, French, Spanish and Russian.

If you are interested in learning more about the tool, and how we can be of benefit to your institution, let us talk. Please reach out to our risk management team under: risk.management@lfs-advisory.com