What have risk managers learned so far from the COVID-19 global pandemic? As Bob Sibik rightly observes, the most successful organisations will be those that conduct post-incident reviews, identify issues and strive to ensure remediation occurs.
There are several lessons to be learned from the COVID-19 pandemic that has swept the globe. Threats are endless and you cannot anticipate every one, so you must be prepared for responding to the consequence of an event. Risk-focused professionals must achieve a balance in strategy between preventative measures and effective response. This can be depicted using the ‘bow tie’ model with the left side representing all of the preventative and detective measures, the knot representing the disruptive event and the right side representing response, crisis management, recovery and restoration activities.
The ecosystem must be resilient. Organisations have become highly dependent on external parties to provide products, services or raw materials to their operations and financial success. They need to ensure they have multiple and diverse sources available to ensure they can continue operations.
Data and information are more valuable than…
