Capturing ERM Lessons Learned from the Covid -19 Pandemic through Concept Mapping

Abstract

The Covid-19 pandemic was a fast-emerging risk with huge uncertainties in terms of the impact on public health, societies, and economies across the globe. The rapid spread and scope of the virus were so overwhelming that organizations were forced to shift into a crisis mode of management. The virus challenged every aspect of business as usual and had a domino effect on the workforce, consumers, supply chains and so on. The pandemic has also re-exposed issues and the negative consequences associated with “siloed” thinking in terms of performing risk management. For those organizations with less than adequate enterprise risk management policies, plans or procedures, this is an important time to reflect on improving their ERM processes through the capture and transfer of Covid-related lessons. This paper will examine how the use of “concept mapping” could represent a valuable tool to structure lessons learned capture, ensure risk information is taken into account, with a focus on ERM practices improvements.

Keywords: Covid-19, Enterprise Risk Management, Lessons Learned, Concept Mapping