As young children, our parents do their best to protect us from harm. We’re taught not to play in the road or speak with strangers. As we grow and our environment changes, these foundational lessons guide us even when we are old enough to know better than to touch a hot stove.

COVID-19 and its impact have demonstrated that change can be rapid, disruptive, and non-negotiable. This is especially relevant to enterprise risk management, where the challenge can be summed up in one word: recalibration. Many financial institutions have been investing in model-driven analysis and data-anchored approaches. We know that the models themselves must adapt as situations change. But what about the processes and policy governance that surround these models?