Synopsis
The present resurge in the Covid crisis has heightened the importance of risk management for industry leaders. In place of traditional risk mitigation frameworks, the need of the hour is a method that ‘manages forward’, by viewing risks as a multi-layered temporal sequence of possible outcomes.
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The current Covid crisis may indeed have a finite life cycle, but there’s a more insidious pandemic waiting in the wings.
That we’re in the grip of a particularly virulent fresh wave of the Covid crisis is undeniable. Earlier this month, the International Monetary Fund had slated India's GDP to grow at 12.5 per cent in FY22, making it the highest among emerging as well as advanced economies. But the seemingly uncontrollable incidence of fresh daily cases, touching the 2,00,000 mark, has cast a dark shadow over such economic predictions. The markets have taken a tumble from their February peak, job losses continue, and public healthcare facilities are stretched to their limit. Companies that had begun to find their feet in the tenuous emergent mode of resuming business, are hurting once again. For leaders of organizations, risk management is back at the top of the To-Do list.