A recent research report from Airmic, a UK-based association for risk and insurance professionals, demonstrated that the scale and velocity of the COVID-19 pandemic took many organisations by surprise.
At the same time, it found that risk professionals are receiving more board time than ever before as pandemic disruption erodes internal organisational barriers.
The report shows that while most businesses had pandemic on their risk registers, the response plans were designed to cope with a localised disease rather than a global pandemic. Few businesses had taken into account the speed and extent to which lockdowns were imposed and in particular the near total cessation of international travel.
With risk professionals taking a central role in managing the coronavirus crisis, Airmic said its members are having more contact with boards and senior management. They are also more firmly embedded in organisational decision-making.
Therefore, the association argues that the COVID-19 situation is an opportunity for risk professionals to demonstrate the value of their work to their organisations.
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