Ukraine Invasion: An Emerging Risk Landscape to Manage
Russia’s invasion of Ukraine is increasingly impacting multiple aspects of business risk, creating new concerns that need to be managed – specifically in four key areas.
These risks, identified by Gartner in its quarterly gathering of emerging risks, include:
Talent: In addition to managing the health and safety of employees directly affected by the war, enterprise risk managers also need to identify indirect effects that could also impact employee wellbeing. In addition to physical and mental health considerations, this may also include productivity and IT disruptions among international workers in areas impacted by the war.
Cybersecurity: With the potential for cyberattacks rising, it’s important to practice tabletop exercises and review security protocols. Risk managers should also define high-value assets and have a clear response plan in place in case of an attack.
Finance: With the increase in economic sanctions, organizations should communicate with third-party service providers on alternative payment systems that won’t violate current policies.
Supply chain: It’s time to update supplier contingency plans to reflect the current environment – in the short term, identifying and limiting supplier dependency; in the long term, considering how the organization can handle material shortages, higher expenses and alternative logistics for obtaining materials and components.