‘Prolonged global recession’, ‘high unemployment’, ‘another outbreak of infectious disease’, and protectionism dominate the list of near-term worries for companies, according to the World Economic Forum’s new report, COVID-19 Risks Outlook: A Preliminary Mapping and Its Implications.
According to the Global Board Risk Survey, conducted by Ernst & Young LLP (EY US) before the COVID-19 outbreak, only 21 percent of board members believed their organizations were very prepared to respond to an adverse risk event from a planning, communications, recovery and resilience standpoint.
As companies close offices, plants and warehouses to reduce COVID-19 spread, other risks are emerging at these now-idle facilities, warns FM Global. In addition to fires, vandalism and theft, spring flood season is beginning in the US, and hurricane season starts in a mere two months, leaving understaffed facilities potentially vulnerable.
Airmic, the UK association for risk and insurance professionals, has urged the insurance market to adopt a more responsible and business sensitive position on the COVID-19 pandemic or risk long-term damage to trust and reputation and loss of customers.
In an interview-style article, experts from the Institute of Operational Risk and Institute of Risk Management discuss COVID-19 and how the risk management profession is reacting.
A Gartner survey of more than 900 audit and risk leaders on March 27th 2020 has found that most of their focus is on assessing the impact of COVID-19 on organizational operations and controls, as well as revising and executing the company audit plan.
With businesses in many countries now preparing to reopen after a period of pandemic induced inactivity, Allianz Global Corporate & Specialty (AGCS) has highlighted a number of risks which need addressing before dormant facilities are reactivated.
It is important during the current COVID-19 crisis that organizations don’t take their eye of the data privacy and protection ball. This article by Chris Mullaney will discuss how businesses can ensure enterprise-grade data protection during the customer communications cycle.
The NIST Computer Security Resource Center (CSRC) has published a draft guidance document looking at how organizations can integrate cyber security and enterprise risk management processes.
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Business continuity can be defined as 'the processes, procedures, decisions and activities to ensure that an organization can continue to function through an operational interruption'. Read more about the basics of business continuity here.
