Risk Management Article

Martin J. Smith’s picture

By: Martin J. Smith

Robert Siegel has peered into the post-Covid-19 future and concluded that anyone hoping for a quick recovery is likely to be disappointed. Which means a great many businesses will fail.

“We can say that with 1,000-percent certainty, and there are many reasons why,” says Siegel, a lecturer in management at Stanford Graduate School of Business.
First, he says, a vaccine almost certainly won’t be widely available for at least a year. In the interim, restaurants, airlines, and hotels are going to be running well below capacity.

“There’ll be fewer jobs, and fewer jobs means less money flowing into the economy,” he says. “It’s impossible for things to bounce right back.”

As a general partner at XSeed Capital and a venture partner at Piva, Siegel researches strategy and innovation in companies of all sizes, with an emphasis on technology. Stanford Business asked a few questions about what good leaders should do if the current pandemic proves to be an extinction event for their firms.

Multiple Authors
By: Katherine Harmon Courage, Knowable Magazine

This story was originally published by Knowable Magazine.

From mask wearing to physical distancing, individuals wield a lot of power in how the coronavirus outbreak plays out. Behavioral experts reveal what might be prompting people to act—or not.

With many states and towns lifting strict stay-at-home orders, people are faced with a growing number of new decisions. Mundane logistical questions—Should I go get my hair cut? When can I picnic with friends? What should I wear to the hardware store?—during the Covid-19 pandemic carry implications for personal and public health, in some cases life-or-death ones.

Matthew Staymates’s picture

By: Matthew Staymates

As a fluid dynamicist and mechanical engineer at the National Institute of Standards and Technology (NIST), I’ve devoted much of my career to helping others see things that are often difficult to detect. I’ve shown the complex flow of air that occurs when a dog sniffs. I’ve helped develop ways to detect drugs and explosives by heating them into a vapor. I’ve explored how drug residue can contaminate crime labs. I’ve even shown how to screen shoes for explosives.

Most of these examples fit into a common theme: detecting drugs and explosives through the flow of fluids that are usually invisible. When I’m in the laboratory, I use a number of advanced fluid flow-visualization tools to help better understand and improve our ability to detect illicit drugs and explosives on surfaces, on people, and in the environment.

Donald J. Wheeler’s picture

By: Donald J. Wheeler

The daily Covid-19 pandemic values tell us how things have changed from yesterday, and give us the current totals, but they are difficult to understand simply because they are only a small piece of the puzzle. This article will present a global perspective on the pandemic and show where the United States stands in relation to the rest of the world at the end of the third week in June.

Here we will consider 27 countries that are home to 5 billion people (67% of the world's population). According to the European CDC database, which is the source for all of the data reported here, these 27 countries had more than 75 percent of the world’s confirmed Covid-19 cases and 86 percent of the Covid deaths as of June 20, 2020. So they should provide a reasonable perspective on the worldwide pandemic. Figure 1 lists these countries by region and gives the relevant Covid-19 counts and rates as of June 20, 2020.


Figure 1: Countries used for global summary

Eric Buatois’s picture

By: Eric Buatois

As the coronavirus wreaks economic turmoil around the world, our modern supply chains are facing unprecedented stress. For months prior to the Covid-19 crisis, trade tensions had been mounting due to the escalating tariff war between Washington and Beijing. A rise in protectionism, coupled with concrete costs and new financial barriers, has fueled broader challenges and concerns for worldwide logistics networks. Against this backdrop, our modern supply chain infrastructure is well overdue for a rethink.

Today’s globalized supply chain networks have been optimized to identify minimum lead times at the lowest possible costs. However, rapid political developments, extreme climate events, and now a global pandemic have all revealed the hidden costs of single-source dependencies and poor flexibility in adapting to real-time shocks, with fast changes to supply and demand. During the next several years, as we undertake a broader overhaul of our logistics infrastructure, I believe that a new order will emerge based on three key dimensions.

William A. Levinson’s picture

By: William A. Levinson

The U.S. House of Representatives has passed the HEROES Act (Health and Economic Recovery Omnibus Emergency Solutions Act)1 which will, if approved by the Senate and president, require OSHA to develop a standard for workplace protection against Covid-19.

Under section 120302 the legislation says specifically (emphasis is mine):

“(a) EMERGENCY TEMPORARY STANDARD

(1) In general—in consideration of the grave danger presented by COVID-19 and the need to strengthen protections for employees, notwithstanding the provisions of law and the Executive orders listed in paragraph (7), not later than 7 days after the date of enactment of this Act, the Secretary of Labor shall promulgate an emergency temporary standard to protect from occupational exposure to SARS-CoV-2

(A) employees of health care sector employers;
(B) employees of employers in the paramedic and emergency medical services, including such services provided by firefighters and other emergency responders; and
(C) other employees at occupational risk of such exposure. ...

Denrie Caila Perez’s picture

By: Denrie Caila Perez

A new report from Trend Micro Research illustrates how advanced hackers are using unconventional attack vectors against smart manufacturing environments. Smart manufacturing technology generally operates through proprietary systems, which use their own proprietary language. However, these systems also still run on the computing power of traditional IT systems. While typically designed to function independently from other systems, it’s this particular loophole that leaves these systems vulnerable to IT threats.

“Past manufacturing cyberattacks have used traditional malware that can be stopped by regular network and endpoint protection,” says Bill Malik of Trend Micro. “However, advanced attackers are likely to develop operational technology-specific attacks designed to fly under the radar. As our research shows, there are multiple vectors now exposed to such threats, which could result in major financial and reputational damage for Industry 4.0 businesses. The answer is IIoT-specific security designed to root out sophisticated, targeted threats.”

Leigh Turner’s picture

By: Leigh Turner

Given the death, suffering, social disruption and economic devastation caused by Covid-19, there is an urgent need to quickly develop therapies to treat this disease and prevent the spread of the virus.

But the U.S. Food and Drug Administration (FDA), charged with the task of evaluating and deciding whether to approve new drugs and other products, has a problem. The FDA’s standards appear to be dropping at a time when rigorous regulatory review and robust oversight are crucial.

Tom Taormina’s picture

By: Tom Taormina

Each article in this series presents new tools for increasing return on investment (ROI), enhancing customer satisfaction, creating process excellence, and driving risk from an ISO 9001:2015-based quality management system (QMS). They will help implementers evolve quality management to overall business management. In this article we look at the clauses and subclauses of section 8 of the standard.

Clause 8: Operation

Clause 8 contains the requirements for planning, designing, and bringing to fruition your products or services. The processes within this clause must be robustly implemented to achieve business excellence. They must also be continually scrutinized for foreseeable risk.

8.1 Operational planning and control

8.1 and excellence
The “plan” is a series of interrelated process, each with acceptance criteria, and each with metrics that tie to the organization’s key objectives and key process indicators. Or, at least that has been my interpretation while leading scores of implementations.

Vanessa Bates Ramirez’s picture

By: Vanessa Bates Ramirez

Long before coronavirus appeared and shattered our preexisting “normal,” the future of work was a widely discussed and debated topic. We’ve watched automation slowly but surely expand its capabilities and take over more jobs, and we’ve wondered what artificial intelligence will eventually be capable of.

The pandemic swiftly turned the working world on its head, putting millions of people out of a job and forcing millions more to work remotely. But essential questions remain largely unchanged: We still want to make sure we’re not replaced, we want to add value, and we want an equitable society where different types of work are valued fairly.

To address these issues—as well as how the pandemic has impacted them—this week Singularity University held a digital summit on the future of work. Forty-three speakers from multiple backgrounds, countries, and sectors of the economy shared their expertise on everything from work in developing markets to why we shouldn’t want to go back to the old normal.

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