COVID-19 highlights the need for risk management professionals

A majority of Indians believe that there is a greater need for risk quantification and analysis skills in organisations. Image courtesy: Shutterstock

New Delhi: In the wake of the coronavirus crisis, a survey by the Institute of Risk Management, UK has found that risk management in companies would gain more significance post the coronavirus pandemic and around 72 per cent Indian respondents said there will be a greater role for risk professionals in strategic decision making.

Further, almost 77 per cent Indians believe that there is a greater need for risk quantification and analysis skills in organisations.

The global survey was conducted by the Institute of Risk Management (IRM-UK) and the India specific findings were analysed and compiled by the Institute of Risk Management, UK-India Affiliate.

As per the survey around 61.1 per cent Indians opined that there will be greater focus on building operational resilience as a result of COVID-19 pandemic.

The survey tilted ‘COVID-19 Pandemic - Global Risk Management Response' about, 41.8 per cent Indian respondents highlighted that organisations did not consider a global pandemic risk.

"While, 94 per cent of the respondents believe that the current pandemic experience strengthens the case for risk management. The survey notes that the Risk Management community is fully engaged with the pandemic response, with 98 per cent respondents still working in their risk roles," the report said.

Hersh Shah, CEO, GLECO, Institute of Risk Management (UK) - India Affiliate said: "The current outbreak of COVID-19 has brought about some unprecedented times that have to be dealt with in an unprecedented manner. Organisations across the globe are facing issues right from business continuity, significant decline in revenue, managing human resources remotely, adapting to different business models."

He noted that these are times when risk and crisis management education is of paramount importance where creating an overall risk based culture will help in better managing the constantly evolving external environment, help in taking proactive steps and even plan strategically for the future.

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