Suddenly, everyone wants to talk to Gianluca Pescaroli. The Doctor. Pescaroli is a global expert in risk management and, more specifically, how companies and other organizations can better plan for and deal with the impact of a crisis.
Since the beginning of the Covid-19 pandemic, he has been a highly sought after person. And now with the conflict in Ukraine already crippling the world economy, his services are even more in demand. “We live in an interconnected world,” says Dr. Pescaroli. “Each company [no Ocidente] will be affected by Ukraine in some way, not just companies doing business in Russia.”
A professor of business continuity and organizational resilience at the Institute for Risk and Disaster Reduction at University College London, Pescaroli says the coronavirus has unfortunately revealed that many companies did not have a plan B – they had no contingency for how best to handle such an event. .
He adds that all companies need to have this type of backup or disaster recovery plans in place. “You need to have a very, very clear idea of your critical processes and services,” he says.
“This is essential, regardless of whether it is a pandemic, Ukraine or climate change. The better you prepare, the better you adapt and react.” It’s not just Dr. Pescaroli, which is much busier these days, has been a period of intense activity for the entire global risk management industry. A report from last year said that while the industry is worth $7.4bn (£5.6bn) in 2019, it is projected to reach $28.9bn by 2027. Ukraine in February.
With energy and food prices now on the rise, companies in these sectors face very specific pricing and supply issues that they have to deal with.
However, Dr. Pescaroli says all companies should prepare a list of practical things to check and check in case of a crisis, and more importantly, before one. “For example, do all your top managers still have a landline at home? Because if they don’t, and the next crisis is the collapse of the mobile phone network, they won’t have phones.”
He explains that companies also need to have backup generators to provide power if grids fail. And they need to train more than one employee to be able to run them – in case he or she is on leave, if the power supply is cut off.
Large companies that are thinking ahead are now appointing risk managers at the board level. That person will be someone whose sole responsibility is to ensure that the company can survive the next big crisis.
They are preparing for the worst and even playing different scenarios to see how the company would respond. One sector of the economy that has substantially increased its risk planning over the past decade is the banking sector. This heightened concern about the impact of unforeseen future events follows the global financial crisis of 2008. Back then, banks had to be bailed out by taxpayers, worth billions of pounds.
Not surprisingly, then, governments really want to make sure this never happens again. One person UK banks need to impress above all else is a woman named Sarah Breeden. She is the executive director of financial stability and risk strategy at the Bank of England, and spends her time debriefing the heads of banks.
Translated matter from BBC News – Jonty Bloom.
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