How to Deal With Post Covid Risk Assessment

A new normal doesn't mean the old normal has lost its usability. Covid has been many things, especially an eye-opener in how we do business. However, it's had a detrimental effect on how we do business and how to prioritize the little resources we have remaining. Navigating this and realizing that post covid risk assessment is a priority that should remain is key for any business's future.

New elements when it comes to post covid risk assessment

In the past, especially during stronger economic times, risk assessment covered ancillary components of a business. For example, where is the risk exposure to a manufacturing company and its products? Or what risk does a financial company have with a new investment instrument with its clients? These had completion periodically to assess whether to take the necessary risks, at what capacity, and at what level of caution.

A current major risk that companies face is the lack of resourcing and staffing as people are reprioritizing their needs. In addition, up to 25% of workers will need to upskill themselves and switch to newer careers that require understanding how remote working will occur. This is leaving companies understaffed due to the new normal.

Another area of concern is cyber security, with everyone switching to remote work. This has already been the case early on, with at least 20% of companies stating a remote worker caused a security breach.

Companies have also been forced to become more agile and take larger risks to adapt to current situations; whereas half a year would be needed to make a decision, it now only allows one month to be successful.

Post Covid Risk Assessment needs to be more refined

This led to risk assessment on a more macro level. In turn this led to the fundamentals of risk assessment being even more critical now than ever. The reason being is that it's not about whether we can afford the risk assessment but whether we can afford to not have it. It's now a time to have experts come in and, at the highest level, do the following:

• Assess the corporate risks and related metrics,

• Realize who the affected divisions/departments may be without said assessment

• Evaluate all the options and planned initiatives and their relevant risk

• Select and implement initiatives based on a risk assessment profile

• Review outcomes of these initiatives and adjust as necessary

Is it a time to take risks?

Whatever your opinion may be on him, Jeff Bezos stated: "I knew that if I failed, I wouldn't regret that, but I knew the one thing I might regret is not trying." And that is at the core of risk assessment. But, unfortunately, the wait-and-see mentality will already attack your business's limited resources. Regardless of whether it's weaker cash flows or an exit of employees.

So take the leap at the least to work with risk assessment auditors. Ones that will help navigate this new normal of business and give your company the competitive edge it needs at the moment. If you do, when the recovery phase of economies and countries goes full force, you're in a prime position.

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