By: Sophie Goldberg

There is no question: nearly 8 months later, coronavirus is still keeping the world on its toes. Whether it be remote university learning, online grocery shopping, or endless work meetings on Zoom, there is not a single industry that has avoided feeling the impacts of COVID-19. And risk management is no exception. Across the world, organizations — startups and corporates alike — have had to discover new ways to stay ahead of the innovation curve while ensuring that their company remains successful. Surprisingly, even in a world characterized by masks, social distancing, and talk of a vaccine, it’s still possible to spread something positive in your organization: risk management.

If coronavirus has taught the innovation world anything, it’s that risk management is now more important than ever. Ensuring that every level of your organization understands how to make calculated yet bold decisions is the key to staying ahead of the innovation curve. Luckily, Spyre Group has the resources, experience, and expertise necessary to help your organization maintain a healthy balance between risk management and innovation, even in an era where every risk feels too big to take.

There are a number of steps that organizations can take to mitigate risk in a bold and tangible way:

  1. Focus on essentials: In a normal world, it is easier to multi-task. Now, however, people are asked to focus on family and work while constantly surrounded by the threat of global infection and economic struggle. Cutting out nonessential and frivolous tasks will help companies make educated and focused decisions about risk.
  2. Prioritize employees: For a staggering amount of people, the pandemic has turned life on it’s head. People have been forced to work from home, turning kitchens, living rooms, and bedrooms into office spaces and meeting areas. Adjustments like that have caused unexpected confusion, stress, and anxiety. As such, it’s important for companies to become communities of support. Making employees feel comfortable and understood is the only way to ensure that they will continue making smart and innovative choices for the company.
  3. Communicate: At first, this suggestion might seem obvious. Of course it’s important to communicate in an organization. However, this step has become integral over the last few months. Learning how to check in on employees on a personal level will likewise help them feel supported and understood. Staying on the same page is key.
  4. Respond to risk: An increased focus on risk management for future tasks is key. But just as important as looking forward is making sure the past is under control. Determining realistic and tangible risk response measures will dictate the levels of innovation that organizations can reach. Creating clear plans of action will help organizations adopt successful risk management strategies.

Cautious optimism is warranted in a world like this one. But it’s also important to recognize that the coronavirus pandemic will likely influence our world for the foreseeable future. As such, finding ways to prioritize risk management, flexibility, and innovation are key.

Even with steps as clear as those aforementioned, altering an organization’s strategy in a pandemic world is daunting. This is exactly where Spyre Group comes in. With personalized help from Spyre, companies of any kind can learn how to protect themselves from the uncertainties of coronavirus while spreading risk management methods. We will show your company how to prioritize its employees, customers, and community simultaneously. Creating a culture of communication, well-being, and creativity will help organizations protect themselves from the lasting effects of coronavirus while spreading success and stability.