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A little paranoia on your part isn’t a bad thing…it’s how CEOs think. Issues that other risk management thought leaders are regularly discussing include climate change, cybersecurity, the pandemic, or the impact of rapid technological advances on organizations. I published an article on the threat of inflation earlier this year, and in the past, I have looked at how changing dietary preferences are impacting iconic food brands and how changing trends in car ownership could impact auto manufacturers. This isn’t the first time I’ve examined how external issues can affect a company achieving its objectives.
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How much of a company’s operations are being funded through bailout funds?.What does a zombie company have to do to avert collapse?.What risks would the collapse of other firms in the industry mean for my clients?.Of course, this spawned a few questions for me like… Real briefly, the story discusses the large number of “zombie” firms in the insurance industry, the impact this is having on rates, and the potential for a rash of bankruptcies should stimulus and bailouts be withdrawn. Take for example this story involving the insurance industry, which is primarily (…but certainly not the only) types of companies I work with. One important, yet often underappreciated, component of proactively managing risks is to evaluate issues in the broader world and how they may impact your organization’s success. In our personal lives, this could take the form of being too hurried going from one thing to the next that we don’t stop for a moment and take time to just breathe and reflect.Īs a risk manager, it’s easy to get so caught up in the actual risk management process that we forget to take a step back to think about the bigger picture of our role. Too often, we get so consumed with the day-to-day that we forget to take a step back to look at the bigger picture.