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Rhinos and risk assessments: Adjusting risk assessment methodologies to account for ‘unforeseeable’ events

Author

Listed:
  • Robertson, Jo

    (Crisis Management Expert, USA)

Abstract

It is wrong to describe the COVID-19 pandemic as a ‘black swan’ (ie a catastrophic event that no one saw coming). Far more apt would be to call it a ‘grey rhino’ — something that has long been predicted but overlooked by leadership the world over. This paper argues that it is time to stop relying on outdated risk formulas and adjust risk assessment methodologies to account for these grey rhinos. Simply put, it is time to accept that the potential impact of an event is more important than its likelihood.

Suggested Citation

  • Robertson, Jo, 2020. "Rhinos and risk assessments: Adjusting risk assessment methodologies to account for ‘unforeseeable’ events," Journal of Business Continuity & Emergency Planning, Henry Stewart Publications, vol. 15(2), pages 196-204, December.
    • Handle: RePEc:aza:jbcep0:y:2020:v:15:i:2:p:196-204
    as

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    More about this item

    Keywords

    gray rhino; grey rhino; risk assessment methodology; crisis leadership; executing crisis; crisis management;
    All these keywords.

    JEL classification:

    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation

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