A crisis is defined as an extraordinary event or series of events that can negatively affect the credibility of a product or products, the reputation or financial stability of the firm, the health of employees and the public, generally causing negative attention from the media or other business interest groups (consumers, employees' families, politicians, environmental organizations, etc.) (Coombs, 2014)
According to the definition, it is clear that the environment in which businesses have been operating in recent years are recognized as frequent and significant crises! First there was the financial crisis, then came COVID-19 and finally the extreme weather events that now occur at regular intervals creating "discontinuities" in the functioning of society and the economy.
Change, risk and uncertainty are now key features of the new global economy. Those companies that realize this immediately and change the way they deal with their risk management, will move on. Those who do not, are in danger of being out, over night!
Even today we see company reports with references only to financial risk management issues, while life itself has shown us in recent years that a number of other risks (Operational, Strategic, etc.), have a strong financial impact and should not be underestimated.
To effectively exercise risk management, the existence of a "well-written", fragmented risk assessment process in traditional tools (word, excel, email) is not enough. A substantial connection of the process with the business strategy and integration of a specialized ERM system across all functions and departments of a business is required. This is the only way to achieve the necessary cultural change in organizations and the realization that they are no longer talking about theoretical science fiction scenarios, but about facts and circumstances in which they have to continue to create value.
E-ON RIBIA is an integrated ERM system, designed to serve the objectives of Risk Management. It includes all the necessary tools to highlight high-risk areas and provide the companies and organizations that use it with analysis and extensive information, contributing significantly to their performance and sustainability.