In a constantly-evolving economic environment so full of uncertainty, it’s hard for risk managers to get a proper read on the outlook for inflation. But they can use scenario mapping to evaluate and adapt to such emerging risks proactively, while simultaneously combating bias, extremist thinking and herd behavior in risk management.
Read the full GARP article HERE
Banks & Credit Unions
Operational risk happens everywhere. Proper planning and procedures are the key managing and mitigating such events.Just consider flight UNITED 328.
On the 20 February 2021, a United Boeing 777-200, registration N772UA performing flight UA-328 from Denver to Honolulu with 231 passengers and 10 crew, was in the initial climb out of Denver's runway 25 when the right hand engine's (PW4077) inlet separated associated with the failure of the engine. The crew declared Mayday reporting an engine failure. The aircraft stopped the climb at about 13000 feet, the crew requested to return to Denver after running the checklists. ATC offered any runway, they would make it happen. The aircraft returned to Denver for a safe landing on runway 26 about 23 minutes after departure. The aircraft stopped on the runway for a check by emergency services. Emergency services advised of an active fire within the right hand engine and extinguished the fire a few minutes later. The aircraft was subsequently towed off the runway to a remote parking stand, where passengers disembarked and were bussed to the terminal. There were no injuries.
Well trained pilots and air traffic controllers knew just what to do.
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