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Operational risks have changed: Make sure you’re protected - Dallas Business Journal

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The pandemic has created and magnified risks in labor, supply chain, digitization, and more. An operational risk assessment can help identify insurance gaps and mitigation strategies.

Are operational risks top of mind for your leadership team? If so, you’re in good company. According to a survey by the Enterprise Risk Management Initiative at North Carolina State University, here’s where these risks rank for C-suite executives and boards of directors in 2022.Supply chain risks ranked No. 1 for the manufacturing and distribution industry.These challenges are likely to linger for months or even years.

Henry Wright, client experience officer at Truist Insurance Holdings, sees this as an important move, regardless of how your company is faring today. “[Businesses] have to reshape how they look at insurance and risk,” he says.The Great Resignation and the resulting labor shortage — with more than 11 million open jobs across the U.S. at the end of February 2022[4] — are leaving businesses understaffed.Offer competitive packages to skilled candidates and more extensive training to everyone.

“The pandemic has made [leaders] aware that insurance doesn’t cover everything. They’re looking at risk much more comprehensively than they used to,” says Aldrich. Are you ready to uncover and mitigate areas of risk? To learn more from Truist experts about opportunities for mitigating risk and realigning operations,

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