Michael Saltzstein On Overhauling Risk Management Strategies Post-Pandemic

With companies returning to the office, businesses reopening, and new startups emerging, you might think corporate America has returned to its pre-pandemic state. However, Michael Saltzstein advises business leaders to be wary of operating the same way they did two years ago.

Without accepting COVID’s permanent impact on the economy and adapting current operations, you may be putting your company at risk of failing. In this article, Michael Saltzstein provides a list of steps you can take to overhaul your company to survive in the post-pandemic economy.

Consider Hybrid Setups

Michael Saltzstein encourages looking into hybrid setups. Although corporate America has always worked in an office setting, recent events have proved that some teams work more productively and cost-efficiently at home.

Update Your Risk Register

Reassess your risk register to keep risk assessment relevant and up-to-date with the modern economic climate. Matters that were then prominent might no longer be a threat, while seemingly trivial issues could now spell the difference between success and bankruptcy.

Reassess Risk Tolerance

Take some time to examine the chain of events as the pandemic unfolded. What worked well, and what steps could have been taken sooner or more effectively to keep operations running smoothly during times of crisis?

Assign a CRO

If you don’t already have a chief risk officer, now is the time to assign one. You need a versatile professional with experience in traditional and virtual work setups to workaround emerging risks. When the financial world is in chaos, it is crucial to have someone in charge of your game plan.

Bottom Line

Michael Saltzstein encourages leaders to transition to a business model that suits the current economic climate. Don’t expect the market or employee management to return to a pre-pandemic state. Your target market’s needs might have shifted, while some in your team likely don’t want to return to the office.