Managing Organisational Risk in a Global Pandemic

MANAGING ORGANIZATIONAL RISK IN A GLOBAL PANDEMIC
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Managing Organizational Risk in a Global Pandemic
Risk and Risk Management
Risk can be defined as any situation that exposes an individual, organization or entity to danger (Cori, Bianchi, Cadum & Anthonj, 2020). A risk usually puts the person or entity in a position of significant disadvantage and vulnerability; if things do not go a certain way. Risk can be both a product of natural occurrences or artificial creation. Risk has always been part and parcel of the society, especially in the current age of technological advancement, where inventions and innovations are being made on a routine basis. In business, risk is often taken as an added advantage since entrepreneurship is all about risking. The covid19 pandemic was a real test of how organizations would manage risk and stay afloat. Governments and businesses were not really prepared for the pandemic, and its implications, with most of them, only focused on the short term with the belief that it would soon be over (Aven & Bouder, 2020). Some were too confident that things would soon resume normalcy and that the impact won’t be so felt in their routine operations.
Active business operators or managers constantly strive to understand surrounding or potential risks within their industry for better planning and preparedness. Leaders must concern themselves with uncertainties to avoid direct impacts like financial stability and people's health. Risk management involves assessing, identifying, and controlling an enterprise's threats that might stem from numerous sources, including technology issues, legal liabilities, operational errors, accidents, natural disasters, or pandemics. An effective risk evaluation program should help a company consider a vast range of jeopardies. The focus is to analyze significant organizational risks faced by a leading multinational company during a global pandemic.
Background
The outbreak of covid-19 health crisis in the world resulted in unprecedented impacts and moves made by authorities, such as regulatory measures taken to control the pandemic spread. The pandemic affected virtually all facets of business and every industry too. Government strategies for fighting the disaster had significant societal implications. For instance, businesses were forced to immediately integrate policies like working remotely, applying new communication systems, modifying environments, and altering physical practices to meet social distancing requirements. There is always the issue of whom to blame when these risks later come to bite the organization, given that, quite often, risks are so complex and interwoven (Cori, Bianchi, Cadum & Anthonj, 2020).
When a risk turns out to be beneficial, then that would be a business or managerial masterstroke. When it goes the other way, there will most likely be fingers to be pointed. Liability of corporations against individual liability is then put to test. In light of the changes introduced globally, the pandemic outbreak subjected organizations to vulnerabilities of actual and potential ...