Strategic, Legal, Financial, and Operational Risks for Businesses During COVID-19 Pandemic

Aidar   Vafin

Authors

Aidar Vafin https://orcid.org/0000-0002-2470-5043

Keywords:

Business, COVID-19, Financial risk, Legal risk, Strategic risk

Abstract

The economic effect of the COVID-19 pandemic is as significant as the threat it poses to public health. Companies are negotiating a new world dealing with new risks. Organizations seek confidence in their risk management and control frameworks and reaction strategies for the short, medium, and long term as COVID-19 grows to threaten commercial life. As a result, it is critical for firms to be proactive in analyzing their risk and susceptibility from many aspects. This exploratory research seeks to discuss some major risks faced by many organizations during the pandemic, namely, the strategic, compliance, regulatory, financial, and operational risks. To thrive in this new business climate, organizations must take immediate action to limit risks and prepare for both fast and gradual recovery. Businesses that properly manage risk not only endure but also strengthen their endurance and equip themselves to capitalize on new possibilities.

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