ABSTRACT
Risk management has never been an easy task because a considerable proportion of risks that business enterprises have to deal with in practice is resistant to the simple and easily available risk mitigation tools such as insurance. Even for experienced crisis managers, a crisis such as the one caused by the COVID-19 pandemic poses a significant challenge due to its unique specificity and dissimilarity to other previously occurring types of crisis such as an economic crash or natural disaster. The occurrence of COVID-19 exposed certain types of risk, particularly visible during the course of the pandemic. In the case of the winning enterprises, these factors were predominantly rooted in a strategically aligned, flexible and effective management model that had often been in place some time before the COVID-19 pandemic and turned out to be a valuable asset after its outbreak.
