The “silver lining” of the Covid-19 crisis is the new insights that have emerged to aid organizations in transforming to stronger performance through effective risk management.
Risk programs must become much more closely aligned to resilience and strategic objectives, so that businesses will be better prepared to respond quickly to the next crisis. Meanwhile, as the risk intelligence of leaders improves, so also will the speed and quality of decision-making.
Proactive and Preventative rather than reactive processes must also become the new mantra as organizations engage emerging technologies to proactively anticipate and respond to emerging risks. Finally, performance with an enhanced risk culture and a robust risk governance structure will matter more than ever. The emphasis must be on improving organizational leadership not just through ethics or social purpose, but also through better resilience planning and better risk management.
Simply provoking thoughts and pushing the envelope folks.
Cheers!
K. Hackshaw