Evolution of Risk Management Post COVID-19
By Vivek Seth
A featured article of our November 2020 edition of PRMIA's Intelligent Risk quarterly newsletter
The current COVID-19 pandemic crisis has perplexed us all with its unexpected arrival this year and with its exponential spread of infections. Apart from the sudden global shock and knee-jerk halt of the world’s status quo, this pandemic is expected to have lasting economic, political and social impacts in the upcoming years. We now face the risks of long-term contraction in international trade, increasing protectionism across nations, and decline in morale of social masses. As we are coming to terms with the extent of the pandemic outbreak, institutions need to understand how the world is likely to operate once the pandemic spread has subsided and global lockdowns are over. One important implication for the corporate world is to enhance their risk management frameworks and adapt adequately to new risks brought upon by the pandemic.
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