Political and other risks can emerge rapidly, even in societies that have enjoyed stable business conditions for years. This means simple trend assessments or data analysis are inadequate in gauging the potential financial impact.
There will be enormous reliance on the forces of law and order in those potentially extreme scenarios and, realistically organisations can only work towards mitigating the impacts of such events within reason. Nevertheless, there are actions organisations can take now to embolden their stance and boost their preparedness for the eventuality of civil unrest.
Your organisation’s civil unrest readiness action points today might be to:
The last two years have taught us the ‘new normal’ is the ‘never normal’. It’s worth recalling that while pandemic flu was at the top of the U.K. risk register, when that risk crystallised, the country was shown as under-prepared. 1
This demonstrates how true preparedness is about evaluating, monitoring and acting on new risks, not simply acknowledging where risk exists and having only hypothetical responses that don’t adequately reflect what’s really required when crises strike.
Being ready for crises means ensuring your risk management framework (RMF) is both robust whilst being receptive to ever-changing exposures. Increasingly, these frameworks are required to metabolise how extraordinary events are becoming less theoretical and more day-to-day reality.
You’re invited to register for a new WTW Training Academy session: Ready for the future: Are you prepared for tomorrow’s risk landscape? This expert-led forum will focus on how your organisation can create robust and change-receptive RMFs.
The webinar will also consider how to use scenarios to explore possible futures and examine why organisations should bring together perspectives from across business units to ensure RMFs are fit-for-purpose and the entire business is properly preparing for the future. Register here.
1 https://www.nao.org.uk/reports/the-governments-preparedness-for-the-covid-19-pandemic/ and https://committees.parliament.uk/work/1664/government-preparedness-for-the-covid19-pandemic-lessons-for-government-on-risk/