While it is commonly believed that the pandemic was a black swan event, according to most risk experts it wasn’t. As they point out, the COVID Pandemic was an event that was foreseeable in its occurrence, though perhaps not in its timing. Despite being (thankfully) rare, these types of events do occur and bring with them an increased awareness of the importance of proper and holistic risk management practices, not only as it applies to external risks (as the pandemic was), but also commercial and internal risks as well.
When looking back at the events of 2020, the impacts of the pandemic, both direct and those catalyzed by it, rippled throughout virtually every industry and commodity group. Supply chain disruptions throughout the year increased operational risks and forced often forced companies to seek alternative sources for their critical supplies. Initially these disruptions were caused by international border closures, and later caused temporary closure of facilities due to infection and quarantine creating shortages in the workforce.
Read more by downloading Risk and Compliance – Lessons learned and looking beyond the COVID-19 Era