Looking back over the past 18 months, few would be faulted for thinking the term “Risk Management” was some sort of cruel oxymoron. But beyond the chaos and confusion, invaluable lessons can be found that provide important insight into successfully managing risk. For every crisis, there are key insights into how to avoid, recover from and even take advantage of them.
We’ve looked at a plethora of punditry, distilled the wide range of opinion and found that we can generally group our findings into the following 5 Key Trends in Risk Management.
COVID-19 – The Big Disruptor. The coronavirus pandemic affected nearly every aspect of global society and cranked Digital Transformation to warp speed. The tsunami effects of the pandemic will set the tone for all things risk management for the foreseeable future.
Everything Online. The transformation towards a digital economy has created a universe of security and privacy issues. Work From Home (WFH) has elevated employee/employer, client/vendor, business/consumer expectations tenfold. While the rewards may be amplified, so too are the risks.
Data. Data. Data. Data has been quietly emerging for the past decade. Advances in AI, behavioral science, demographic analysis and consumer preference have been the fuel for digital transformation. Its best uses enable us to analyze the past and make educated assumptions about the future. For better or worse, our lives and the lives of our companies are increasingly transparent.
Walking the Walk – ESG and its Impact on Business. Environment, Social and Governance issues have moved front and center with an increasingly unpredictable climate, social upheaval and a renewed emphasis on ethical behavior. Consumers, voters and neighbors are taking note as they see their worlds impacted by forces just beyond their control.
Resilience. All roads lead to resilience. Resilience planning, regardless of risk, enables a business to continue to function in the seemingly worst of times. In fact, smart use of these lessons, wrapped in the action item of resilience implementation, means businesses and individuals will survive, even thrive, in the face of future adversity.
Now what? Time to make a plan.
The risk management professionals at Oakbridge are skilled at assessing risk and creating customized mitigation plans. Our decades of experience tailoring coverage for loss associated with business disruption, cyber security, executive liability, data breach and employee conduct makes us well-suited to help your business meet these challenges.
At Oakbridge, we’ve been an integral part of the communities we serve for over 100 years. Connect with our team today and let us help you create a risk management plan that’s right for your business.