In times of crisis, human nature dictates that we focus on the present with microscopic vision. As COVID-19 wreaks havoc worldwide, businesses have entered survival mode.Risk Management
Theyre focused on the short-term impacts of the pandemic, with their top concerns being whether theyll be able to meet payroll and pay next months rent.
Other medium- and longer-term impacts of the coronavirus pandemic are very much “tomorrows problem”.
While the immediate safety of employees and short-term business contingency are vitally important, businesses should not make the mistake of ignoring the potential longer-term impacts. Some risks associated with COVID-19 may not fully materialize or crystallize for years to come.
As the coronavirus crisis extends, there could be a domino effect where one risk triggers another in a cascading nature, according to Victor Meyer, chief operating officer at Supply Wisdom, and former vice-chairman of the World Economic Forums Global Agenda Councils for both Pandemic and Catastrophic Risk.