What are common challenges in applying risk management strategies

Common challenges in applying risk management strategies during a global crisis include unpredictability of the crisis, lack of preparedness, and dependence on affected regions. For instance, during the COVID-19 pandemic, companies like Apple were vulnerable due to their large customer base in China and dependence on Chinese manufacturers. These challenges can be overcome by diversifying supply chains, having contingency plans in place, and continuously monitoring and adjusting strategies based on the evolving situation.

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When COVID-19 crept up on the world, companies like Apple ended up being "especially vulnerable because of their large customer base in China and the dependence of their supply chain on Chinese manufacturers," Amiyatosh Purnanandam, professor of finance at the Ross School of Business, University of Michigan, writes in his article for Forbes.

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Risk Management

Set expectations and be prepared for different outcomes at all times. Our Risk Management presentation allows you to outline ways to monitor and contr...

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