The COVID-19 pandemic and its devastating consequences caught plenty of organizations off guard. While it can be difficult to contemplate the next big crisis in the midst of the current one, this is exactly the time to look ahead to minimize any future surprises, says Jim Wetekamp, and topping many experts’ lists of the next big crisis is climate change.
In fact, the World Economic Forum ranked environmental issues as the number one global business risk at Davos 2020 – and with good reason. Looking back to last year, there were 14 weather and climate-disaster events, which is double the average of 6.3 events for each year between 1980 and 2018.
C-suites and investors alike are increasingly prioritizing climate-related risks. And now is the time for risk managers to determine what impact a climate-related event could have on the business and what can be done immediately to mitigate those effects.
Read more for five steps every risk manager can take to evaluate exposure to climate-related risks and be prepared for the next potential crisis.
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