ABSTRACT
The arrival of COVID-19 in early 2020 has prompted much re-evaluation of risk management thinking and practices. In fact, business, economies and society have suffered such an upheaval that it remains doubtful that things can ever, or should ever, return to their pre-pandemic state. While the pandemic has brought about some changes that are likely to be permanent, such as greater use of videoconferencing to replace business travel, it remains to be seen whether attitudes to risk will be permanently transformed. Behavioural biases are difficult to defy.
The pandemic has once again highlighted the benefits of resilience and adaptability; the advantages of ‘just-in-case’ thinking as opposed to ‘just-in-time’ thinking. Unfortunately, this kind of resilience comes with higher costs, so the risk remains that over time, organisations will shift back to the more familiar focus on efficiency that tends to make them less resilient and adaptable. But for now, there is a window of opportunity to address some major risk challenges such as climate change. Especially if the principles of risk governance are applied.
