The IRM conducted a survey to find out how risk departments were responding to the global Covid 19 pandemic.
To see the findings in full please click here.
32% of organisations that participated in the survey had not considered a pandemic scenario. A further 26% had not considered a pandemic but had considered other scenarios with similar consequences to a pandemic.
80% were satisfied with their organisations initial response to the pandemic. It will be interesting to see if this satisfaction level remains in the next 12 ‘“ 24 months.
Over 40% of respondents are now providing risk advice in relation to crisis decision making.
Modern technology has helped 80% of organisations in terms of support provided by the risk function. Good communication and leadership were also deemed significant factors in aiding support.
What things will change in risk management due to COVID 19?
Risk management has not always been high on the agenda for some organisations. The global pandemic has brought risk management to the forefront of people’s minds and to the boardroom agenda too. This is a great opportunity for risk managers to gain buy in and have a positive impact on the future success of their business. Organisations will be trying to ensure greater resilience, greater board level interest in strategic risks and regulatory focus on operational risk management. All these factors will help ERM managers leverage their roles and will highlight the importance of technology to assist. 94% of respondents believe that the case for risk management has been strengthened as a result of the pandemic.
If your organisation could benefit from JCAD’s web-based risk management software, CORE, to strengthen your risk management efforts then please get in touch for a demo: