An article by the BBC uncovers how the COVID-crisis brought risk management into the mainstream

Risk professionals from all industries and geographies have witnessed the phenomenon of the last two years - increasing demand for their expertise and recognition that many organisations have hitherto underestimated the importance and necessity of risk management.

In an article, the BBC describe how the global pandemic led many organisations to the uncomfortable conclusion that they did not have a ‘Plan B’.

Now, with the escalating conflict resulting from Russia’s invasion of Ukraine, risk managers are being turned to once again to guide their companies through the next global shock.

The BBC’s Jonty Bloom spoke to risk management expert Gianluca Pescaroli, who notes his services have never been more in demand.

“We live in an interconnected world,” he said. “Every single company [in the West] is going to be affected by Ukraine in some way, not just firms that do business in Russia.”

A lecturer in business continuity and organisational resilience at University College London’s Institute for Risk and Disaster Reduction, Dr Pescaroli emphasised the importance of resilience and contingency planning in the face of an increasingly uncertain world.

“You need to have a very, very clear idea of your critical processes and services,” he said.

“These are essential, independent of whether it is a pandemic, or Ukraine, or climate change. The better you prepare, the better you adapt and react.”