Security News > 2020 > March > The haphazard response to COVID-19 demonstrates the value of enterprise risk management

"This lack of confidence shows that many organizations approach risk management in an outdated and ineffective manner," said Matt Shinkman, vice president in the Gartner Risk and Audit practice.

Organizations often have policies in place to deal with most risks, but they don't activate them until it's too late because no one is owning the risk or taking it seriously until it is fully manifested.

The threshold for a risk to generate executive action is often too high to enable an effective response.

Having an enterprise risk management function in place means that an organization is more likely to see risks coming and then mitigate the impact of those emerging risks more swiftly and effectively.

"Many organizations likely already have plans in place to deal with the types of disruption they are facing because of the coronavirus. The job of risk management is to ensure the right plans exists and make sure they get used at the appropriate moment."

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