Risk management during COVID-19

Joelena Leader

Dr. Norman T. Sheehan is a Professor and CPA Scholar in the Department of Accounting at the Edwards School of Business and Co-Academic Director of the SK Director Education Program, where he facilitates sessions on risk, strategy, and innovation. His research is in the areas of strategy, performance measurement, governance, and risk management. He was awarded the Provost’s Award for Outstanding College Teaching in 2011 and was recognized as a Master Teacher at the University of Saskatchewan in 2013.

Dr. Sheehan’s recent publication, “Revisiting risk management in a time of crisis” in the Strategy & Leadership journal, explores how changes brought about by the COVID-19 crisis and improvements in risk management best practices represent an ideal time for companies to revisit their risk management systems.

With continued surges and long-lasting effects, the coronavirus has negatively impacted populations on a global scale across all aspects of society from public health, business, education, and social life.

Dr. Sheehan proposes that answering the following three leading questions can assist organizations in dealing with the current and future crises:

  • Why did organizations fail to prepare for a global pandemic?
  • What are effective risk responses for risks related to the global pandemic?
  • How best to assess the optimal risk level for an organization?

In this article, Dr. Sheehan addresses three action steps including: 1) Identifying risks and scoring them; 2) Proposing and implementing risk responses for each risk; and 3) Reviewing the organization’s residual risk after implementing the risk responses and adjust as needed.

This work highlights the important role of risk management in safeguarding companies’ ability to address current and future crises. According to Dr. Sheehan, “an organization’s long-term success ultimately depends on the ability of its board and executive team to navigate through crises and discontinuity.”

To learn more, check out the publication here!

To connect with Dr. Norman Sheehan, check out his Faculty Profile Page.

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