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The 2020 hurricane season was record-breaking. Forecasters ran out of storm names by September and were forced to substitute Greek letters. Experts believe that warmer oceans and rising sea levels, as a result of climate change, fuel more severe tropical storms. Globally interconnected supply chains mean that severe weather in one region has a ripple effect, wreaking havoc on enterprises around the world.
Risk managers are tasked with identifying, assessing, and mitigating the risks of tropical storms. They must create strategies to minimize exposure, protect property and assets, and keep employees safe. To develop proper resiliency plans, they need to be well informed of vulnerabilities, risks, and mitigation options. Lastly, risk managers must ensure corporate assets and business impacts. Too much coverage is a waste of money. But too little leaves the business exposed.
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