Rhinos and risk assessments: Adjusting risk assessment methodologies to account for ‘unforeseeable’ events
Abstract
It is wrong to describe the COVID-19 pandemic as a ‘black swan’ (ie a catastrophic event that no one saw coming). Far more apt would be to call it a ‘grey rhino’ — something that has long been predicted but overlooked by leadership the world over. This paper argues that it is time to stop relying on outdated risk formulas and adjust risk assessment methodologies to account for these grey rhinos. Simply put, it is time to accept that the potential impact of an event is more important than its likelihood.
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Author's Biography
Jo Robertson is the author of ‘Executing Crisis: A C-Suite Crisis Leadership Survival Guide’. Her experience includes orchestrating the creation of a coordinated universal emergency preparedness programme for Capital One; leading the national crisis management programme for Deloitte Services; and rebuilding and re-energising crisis preparedness initiatives for Arkema, France’s leading producer of chemicals. Dr Robertson has a doctoral degree in crisis management from George Washington University.
Citation
Robertson, Jo (2020, December 1). Rhinos and risk assessments: Adjusting risk assessment methodologies to account for ‘unforeseeable’ events. In the Journal of Business Continuity & Emergency Planning, Volume 15, Issue 2. https://doi.org/10.69554/QXAM7965.
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