Why enterprises requires enterprise risk management and elaborate it essentiality during covid 19 pandemic Situation?
https://www.willistowerswatson.com/en-US/Insights/2020/05/5-ways-to-improve-enterprise-risk-management-post-pandemic
https://milliman-cdn.azureedge.net/-/media/milliman/pdfs/articles/covid-19-and-erm.ashx
enterprise risk management is essential to antecipate and identify Risks and build actions to mitigate them. During a crisis, this management is even more crucial.
Dear Nagarajan Muthukrishnan,
Why enterprises requires enterprise risk management and elaborate it essentiality during covid 19 pandemic Situation is because the level of risk has increased during the current covid 10 pandemic situation. Otherwise, risk management had been an essential subject as long as we have had business management. Business management without risk management will be meaningless and can not at all succeed.
Best Regards
Desalegn Abraha
Dear Alexandru Szel,
Thanks a lot.
Best Regards
Desalegn Abraha
Hi Nagarajian,
Good question. In general, it is the combination of potential liability (e.g., civil and criminal), insurance requirements and good business practices that motivate the careful assessment of risks to the corporation. In the context of COVID 19, these issues become acute because a company can be seriously exposed at times where the economic situation is particularly difficult both in the home office and in other locations. It seems to me that preparing for contingencies such as COVID 19 may be outside risk assessments done by private entities -- the scale of the infection is very large. The government can help, but that help is -- as evident in the US -- limited. Whether a company can protect itself through additional insurance (purchase before COVID 19), self insure, and so on requires study, that is where enterprise risk management should in principle help planning before these disasters hit. Consider the SARS infection a few years ago: it could have been a warning sign for a much bigger event -- COVID 19 this year. It would be interesting to study how many companies actually studied the effect of a potential super SARS (now called COVID 19) on their future.
I think your question is essential to both public and private debates. I also like the other commentators' views and references.
Best,
Paolo
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