Authored by Sara Weathers
The worldwide crisis caused by the COVID-19 pandemic has highlighted the need for companies to have risk management plans, whether it be for a pandemic, a natural disaster, or a financial crisis.
When the pandemic first began, companies that had contingency plans could react quicker and limit negative repercussions caused by sudden uncertainties. They were also able to find new opportunities to take part in thanks to their preplanning. While many corporations were beginning to feel optimistic, the Delta variant has halted the return to normalcy, causing companies to have to pivot their strategies yet again.
Claire Combes, a chairperson of Airmic, said in a recent interview that as a risk manager, she’s always staying cognizant of risks that could arise and is aware that some risks never truly go away. As companies have shifted to a “new normal,” it has become increasingly important for them to continuously develop their risk management plans, whether it be having a pandemic plan or making sure they have the proper insurance coverage for their business.
Corporations have begun making the development of their risk management plans and training their employees on what to do when the unexpected happens a top priority. While they can never truly plan for the unexpected, having guidelines of what to do when it happens is what makes a good business a great one.
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