Looking Ahead To 2023: Anticipating The Global Business Risks Facing Organizations — Lloyd Emerson Johnson
Continued consequences of Covid-19, global inflation, conflict in Ukraine, and threats between China and Taiwan — these are just some of the challenges faced by the world in 2022. Although 2022 has ended, the ripple effect of these challenges continue.
Several businesses wish they had been better prepared for these risks and developed dynamic plans to navigate these challenges. Recently, I read an article published by Forbes titled “Looking Ahead To 2023: Anticipating The Global Business Risks Facing Organizations”. The article discusses the 2023 risk landscape and how it is essential for businesses to have a solid risk management plan in order to survive this unstable landscape.
Despite a global crisis, the presence of common and standard risks should not be ignored. Businesses should deal with these common risks as they would in any other year.
Navigating Compounding Risks
The planning process for risk management is probably the most important parts of risk management. They should be precise, clear and practical for it to be reflected in the execution process.
“In the world of business continuity, crisis plans are not likely to be executed exactly the way they were drawn up. The key factor when it comes to risk mitigation is the actual planning process and the tailored strategy that goes into it.”
Every potential scenario should be outlined along with the steps to overcome the risks.
“If something is on the horizon, a preparedness plan should be ironclad — including every step of preparation for multiple potential risks that could occur simultaneously.”
A question to ask while creating crisis plans is whether the plan accounts for crisis like those experienced in the past.
Where Risk Management Plans Are Headed
Risk management plans are no longer a luxury in business operations. They are essential.
“Risk mitigation plans should be living documents — flexible and adaptable as crises evolve and able to meet the organization’s key needs and solutions in a dynamic way.”
Read the full article here.
About Lloyd: Lloyd Emerson Johnson is a results-oriented strategic advisor. With over 35 years of international, broad-based experience, Lloyd considers various disciplines in his approach to management and board governance. Through effectively evaluating all corners of a business, Lloyd Johnson has reinvented the roles of a strategic partner and stakeholder champion. He is a creative visionary who transforms businesses to be effective throughout all of their operations and finances. The pragmatic leader specializes in risk management and ensuring that businesses are prepared for uncertain circumstances.
