After the challenges of 2020 and the continuing impact of the global pandemic, risk awareness and prevention has taken on a whole new level of significance for businesses everywhere.
Organisations often think that managing crisis is just a matter of being prepared for the worst. While your preparations may cover known potential disruptions, in unprecedented times, it becomes clear that 'emergent' risks, or risks that are newly developing and therefore not understood, may not be accounted for in your plan. When these ambiguous 'emergent' risks surface, the organisations that can adapt and respond continually are more likely to win.
If you're involved in risk management at your organisation, there’s sure to be a great deal of responsibility placed on your shoulders to ensure that not only threats to your organisation are managed, but that your company is positioned to meet its objectives and make informed decisions. Given the breadth of potential risks that might affect your workplace, we have compiled a list of some of the factors you should consider when building and executing your risk management plan.
On a global scale, most risks are changing rapidly with technology and development. Issues that organisations face today haven't been ones that have been experienced in the past - think AI, blockchain, cybersecurity etc. Keeping in mind the exponential rate of change, managing risks systematically and proactively to overcome challenges that arise has become imperative to building trust across your organisation.