Risk Management Practice Changes Due to COVID-19
By Fatema AlSaad
A featured article of our November 2020 edition of PRMIA's Intelligent Risk quarterly newsletter
These are unprecedented times with unparalleled impact on our livelihoods, health, unemployment, GDP, government support, etc. Those risk managers who thought that they “have seen it all” during 2008’s financial crisis, or that it couldn’t get as bad as the 1930s Great Depression, were in for a big surprise. If 2020’s COVID-19 proved to us one thing, it is that nothing is stagnant. The butterfly effect will always exist, and in order for our risk management approaches not to fail us when we most need them to work, we need to continuously ensure that they are evolving and viable. There is no doubt that the practice of risk management is going to change. Although the magnitude of this change will only be realized when we reach the end of this pandemic, we can recognize the areas in which change will be more prominent.
This article aims to summarize some areas in which the impact on risk management practices will be observed in the short run.
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