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

Jo Robertson
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Jo Robertson: Crisis Management Expert, USA

Journal of Business Continuity & Emergency Planning, 2020, vol. 15, issue 2, 196-204

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 This paper argues that it is time to stop relying on outdated risk formulas and adjust risk assessment methodologies to account for these grey rhinos.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.

Keywords: gray rhino; grey rhino; risk assessment methodology; crisis leadership; executing crisis; crisis management (search for similar items in EconPapers)
JEL-codes: M1 M10 M12 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jbcep0:y:2020:v:15:i:2:p:196-204

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