As per a survey by The Institute of Risk Management, UK (IRM), 94 percent of the respondents believe that the current pandemic experience strengthens the case for risk management. The survey notes that the risk management community is fully engaged with the pandemic response, with 98 percent respondents still working in their risk roles.
The participants of the survey were from countries like UK, India, Africa, Middle-East, USA, Canada, South America, Australia, other European and Asian countries from across sectors like Finance, Banking, Insurance, Construction and Infrastructure, Manufacturing, Healthcare, and many more.
Here are some key findings from the Survey:
- According to the survey, 32 percent of organisations said they had not considered a pandemic risk or anything similar before the current global COVID-19 pandemic, and one-fifth of organisations who had considered the pandemic risk did not take any actions about it.
- On being asked about how satisfied they were with the way crisis management and business continuity actions have been dealt within the first few weeks of the pandemic, about 82% affirmed they were satisfied with their organisation’s initial response.
- Organisations have experienced short term impacts like rapid change in objectives and ways of working, delays in projects, significant distractions from key objectives, loss of revenue, delays in decision making, and cyber security concerns.
- The survey also pointed out that 86 percent of organisations set up a crisis management group to manage the crisis during the existing pandemic.
- 43 percent of people are providing risk advice concerning crisis decision making when asked if there has been a change in their risk management role as a result of the pandemic.
- 80 percent said technology was a major or significant factor helping them respond and offer the support that the risk functions gives the business.
- On being asked about how likely there would be changes in the field of risk management as a result of the COVID-19 pandemic, 92 percent predicted a greater focus on operational resilience.
“The current outbreak of COVID-19 has brought about some unprecedented times that have to be dealt
with in an unprecedented manner. Organisations across the globe are facing issues right from business
continuity, significant decline in revenue, managing human resources remotely, adapting to different business models. These are times when risk and crisis management education is of paramount importance where creating an overall risk based culture will help in better managing the constantly evolving external environment, help in taking proactive steps and even plan strategically for the future. The experience of this pandemic will last for long and encourage more organisations including startups and SMEs to develop robust risk management teams.” said Hersh Shah, CEO, GLECO – Institute of Risk Management (UK) – India Affiliate.