Business Insurance, October 13, 2020 —
The COVID-19 pandemic is causing organizations to reevaluate how they manage enterprise risks, experts say.
The COVID-19 pandemic is causing organizations to reevaluate how they manage enterprise risks, experts say.
A World Economic Forum report released Oct. 8 found the spread of infectious disease is a major concern for executives in the United States and businesses globally, jumping 28 spots from last year to the second most recurring risk and appearing in the top 10 in all regions except South Asia. Cyberattacks remain the biggest risk for U.S. businesses, the report found.
Amid the global pandemic, organizations are shifting their conversation and reevaluating the prioritization of their enterprisewide risk, said Jim Wetekamp, CEO of Atlanta-based Riskonnect Inc., an integrated risk management solutions provider.
“Probably more so than before there is now a more global or cohesive strategy with regard to risk being taken by the organization at the top level,” Mr. Wetekamp said.
This change in priorities is being driven by growing awareness of the need to address the compound effect of multiple risks occurring at the same time, he said.
