Unveiling nature’s fury: Natech disasters for business – a continuous monitoring & reporting framework

Maksym Lazirko and Alexander Gates

Journal of Risk Research, 2024, vol. 27, issue 11, 1378-1399

Abstract: Natural disasters often pose significant risks to many aspects of business operations. This paper introduces a framework for integrating real-time environmental data on natural disasters into continuous business monitoring and reporting systems, thereby enhancing risk management and decision-making processes. We argue that the current reliance on qualitative ESG reports lacks scientific rigor and propose a quantitative approach using real-time data to inform company planning and managerial decisions. This interdisciplinary approach bridges the gap between business research and science by integrating objective, real-time data from natural events. When incorporated into continuous auditing systems, these data can improve resilience, business continuity planning, and the effectiveness of ESG assurance. We illustrate the practical application of this framework through a case study, demonstrating how a company might proactively employ such a system to manage natural disaster risks. The proposed framework involves identifying areas of interest (AOIs) prone to natural disasters, selecting appropriate data integration and visualization technologies, and performing analyses to assess potential impacts on business operations. By incorporating predictive analytics and continuous improvement mechanisms, organizations can better anticipate and mitigate the effects of natural disasters on all aspects of their operations. Monitoring of natural disaster data can significantly reduce potential losses and ensure sustainable operations despite adverse environmental events. This paper integrates continuous natural disaster data into business auditing systems, a concept previously unexplored in accounting research.

Date: 2024
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DOI: 10.1080/13669877.2025.2466534

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