Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/229835
Authors: 
Will, Markus
Year of Publication: 
2020
Citation: 
[Journal:] The Central European Review of Economics and Management (CEREM) [ISSN:] 2544-0365 [Volume:] 4 [Issue:] 3 [Year:] 2020 [Pages:] 89-115
Abstract: 
Aim: The article is intended to contribute to a discussion on risks related to the CoViD-19 pandemic, which was started in the last issues of this journal. Findings: The article discusses the thesis that conventional risk management is reaching its limits in its application in companies, particularly with regard to low-probability but high-impact events its applications seems nor appropriate. In complex and tightly coupled systems like global supply chains, catastrophic events must be considered "normal". The risk of a global pandemic is well known, and at the end of 2019 the first signs of an impending outbreak were also evident. Nevertheless, the global pandemic and the gradual lockdown was surprising in that no precautionary measures were taken. Therefore, this paper argues for a change of perspective from traditional risk management to BCM and for increasing the resilience of supply chains.
Subjects: 
CoViD-19
risk management
black swans
business continuity
supply chain resilience
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc-nd/4.0
Document Type: 
Article

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