Introduction

It’s no secret that the COVID-19 pandemic hit businesses in all industries with a major blow in 2021. No one was prepared for an event that became a leading health risk and had a 40% chance of disruption to the business operations as it threatened the health of the workforce. 

As the pandemic began to subside, cybercrime incidents came to the forefront, becoming a leading risk to business at 44% in 2022. Cyberattacks were costing businesses an average $4.35 million for each breach. The estimated monetary loss from cybercrime was $7 trillion, with a projected increase to $10.5 trillion by 2025.

So it’s no surprise that businesses that formerly ran smoothly with the assistance of predictions and projections are increasingly hesitant to make permanent business decisions now. The management of risk has become a new priority. Experts anticipate a 122% growth in the optimization of risk management strategies, and we want to ask: 

Are you stepping into murky waters without the right preparations? 

Fostering a strategic risk management program can fortify any business and it equips you with the knowledge and resources toward potential threats to:

• Anticipate risks
• Analyze risks
• Mitigate risks

It is obviously easier to prepare for any danger once you have identified it. With a strategic risk management program, your company can stop the dangers of prevalent risks that may hamper the growth and development of business in any way. 

Modern EHS programs are built to promote environmental, health, and safety measures and they can help you build a robust strategic risk management program. Wondering how? You’ll see how as you keep reading!