Survey: How COVID-19 is Changing Risk and Resilience Planning
In 2019, a pandemic wasn’t close to the top of most organizations’ risk priorities. But after a year of coping with the coronavirus outbreak, business leaders say they’re redefining their resilience infrastructure to better prepare for the future.
In a recent survey report from Aon, 82% of respondents said a pandemic or major health crisis wasn’t in their top 10 risks – in fact, it was ranked 60 out of 69 identified risks. As a consequence, many risk management strategies weren’t built to rapidly respond to COVID-19. Overall response varied by region: 52% of Asia-Pacific respondents said they had a pandemic plan in place as a result of dealing with previous threats like SARS, compared to 31% in North America and less than 30% in Latin America, Europe, the Middle East and Africa. Across all regions, protecting people and assets emerged as the top priority.
Depending on the region, organizations are now in one of three stages – react and respond, recovery, or reshape. In all cases, more than half of companies are expecting COVID-19 will continue impacting their business a year from now. This has led companies looking ahead to new and accelerated uses of technology, redeploying resources, workforce planning and rethinking the future of work.
While very few organizations are expecting to be in a “post-COVID world” in the near future, the majority of them – 80% – say the pandemic has taught them to take an enterprise-wide approach to risk management, looking at how risk, HR, IT, finance and other areas intersect to navigate to the next potential shock.
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