Cindi Burleson, director of the Center for Insurance & Risk Management
When I was a risk manager there were times I sat with the executive team planning for the future and an idea would be presented that prompted many 鈥渨hat if鈥� questions. A lot of heads would shake and, occasionally some would ask, 鈥淒o you have to be in the room?鈥�
Here are some of those questions:
- What if our servers completely crash and we can鈥檛 operate for a time?
- What if there is a market crash and our investments take a hit that requires months, or even years, to reach a recovery point
- What if hiring practices we鈥檙e considering lead to disgruntled workers?
- What if there is a pandemic that results in our business being shut down for a long time 鈥� for instance, one to six months or longer?
These questions were asked to determine how the company would respond to potential business-disrupting situations. These are low-frequency occurrences that would have a high impact. And this is exactly where many businesses are living today.
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Cynthia Burleson, director of the Center for Insurance & Risk Management in the UCA College of Business, was featured in June on an episode of the Insurance Town podcast.