Four steps for organizations to proactively address chronic hazards
Global climate change continues to have a profound impact on businesses worldwide, with chronic hazards such as flooding, wildfires, and extreme weather conditions posing a significant risk to industries.
As organizations continue to operate in an increasingly interconnected world, they face a growing range of challenges. One such challenge is the impact of chronic hazards on their operations. Chronic hazards are slow-moving threats that pose a long-term risk to an organization, its assets, and its people. They can include things like droughts, heat waves, wildfires, and rising sea levels.
“Climate-change-related factors such as increasing global temperatures or rising sea levels might cause a change in investors’ expectations and sentiment about physical risk, which may result in abrupt chronic hazards,” according to the report Navigating Climate Threats and Proactive Mechanisms to Achieve Business Climate Resilience. While they may not cause immediate damage, the long-term impact of chronic hazards can be devastating, both in terms of financial losses and damage to a company’s reputation.
As these risks continue to escalate, it is crucial for organizations to prioritize climate resilience measures to ensure business continuity and reduce exposure to risk. Therefore, it is critical for organizations to take action to address chronic hazards, which they can do by following these four steps.
1. Assess and monitor the risks
The first step in addressing chronic hazards is to assess the risks that they pose to the organization. This includes identifying the hazards that are most likely to impact the business, as well as the potential impact of those hazards on operations.
As with any risk management strategy, it is important for businesses to also monitor and review their approach to chronic hazards on an ongoing basis. This includes tracking the impact of chronic hazards on operations, reviewing and updating risk assessments, and revising response plans as needed.
With Everbridge, organizations can access real-time intelligence on potential climate-related risks in their area. By using AI and machine learning algorithms, Everbridge can monitor a wide range of data sources, from social media feeds to weather alerts, to identify potential hazards and alert businesses to take action.
2. Develop a strategic plan
Based on the results of the risk assessment, organizations need to develop a comprehensive risk management strategy that considers all potential risks and their potential impact on operations to address chronic hazards. This plan should include strategies to mitigate the impact of chronic hazards on operations, as well as contingency plans to respond to potential disruptions. It should also include plans for responding to and recovering from events, as well as a system for monitoring and evaluating the effectiveness of risk management measures.
Once a potential risk has been identified, Everbridge can help organizations develop and activate response plans quickly and efficiently. These plans can be customized based on the specific needs of each business, taking into account factors such as location, industry, and potential impact on operations.
3. Invest in resilience
Organizations should invest in resilience measures to reduce their exposure to chronic hazards. This may include physical infrastructure improvements, such as flood protection or building insulation, as well as investments in new technologies and innovative solutions.
Investing in the right tools and technologies can significantly improve an organization’s ability to manage chronic hazards. For example, remote monitoring systems can provide real-time data on environmental conditions, allowing organizations to identify potential risks before they escalate into crises. Similarly, predictive analytics tools can help organizations anticipate potential hazards and take proactive measures to mitigate them. Cloud-based disaster recovery solutions can also ensure that critical data and systems are protected and accessible during and after an event.
Everbridge delivers reliability, security, and compliance, creating a measurable advantage that keeps people safe and organizations running. Our solutions provide organizations with the tools and capabilities they need to anticipate, respond to, mitigate, and analyze chronic hazards when they inevitably occur.
4. Collaborate with stakeholders
Collaborating with stakeholders is essential for managing chronic hazards effectively. This includes working with local communities and governments to understand the risks and potential impacts of hazards, as well as partnering with suppliers, customers, and other stakeholders to ensure that everyone is prepared and can respond effectively to events. Effective collaboration can also help to build resilience and foster trust and goodwill, which can be invaluable during and after an event.
According to research conducted by IBM, their “February 2022 survey of 16,000 global consumers found that more than half (51%) of respondents say environmental sustainability is more important to them today than it was 12 months ago.” By demonstrating a commitment to sustainability and resilience, businesses can enhance their reputation with customers, investors, and other stakeholders.
In the event of a climate-related event, clear and timely communication with stakeholders is crucial. With Everbridge, organizations can quickly and easily communicate with employees, customers, and other key stakeholders through a variety of channels, including text, voice, and email. This helps to ensure that everyone is aware of the situation and can take appropriate action.
Overall, the benefits of using Everbridge for climate resilience are clear. With Everbridge, businesses can take proactive measures to prepare for and respond to climate-related events, ultimately reducing their exposure to risk and ensuring business continuity. By taking proactive measures to prepare for and respond to climate-related events, businesses can reduce their exposure to risk, ensure business continuity, and protect their employees and assets.
To learn more about Everbridge’s solutions and how they can help your organization address chronic hazards, download the white paper: “The short- and long-term impacts of chronic hazards on organizations’ bottom line”.
Chronic hazards pose a significant risk to organizations, and addressing these risks should be a top priority. By taking a proactive, comprehensive approach to risk management, investing in the right tools and technologies, and collaborating with stakeholders, organizations can reduce their exposure to risk and ensure business continuity. Failure to take these steps can result in significant financial losses, damage to reputation, and even the closure of businesses. It’s time for organizations to take action to address chronic hazards and protect their operations and communities from the impact of these events.
With Everbridge, organizations can take proactive measures to prepare for and respond to climate-related events. By doing so, they can build resilience, ensure business continuity, and meet stakeholder expectations, which can have positive impacts on their financial performance and reputation. The urgency of climate change means that organizations must act now to reduce their exposure to risk and prioritize climate resilience efforts.
See how Everbridge can help protect your organization with a free, personalized demo. Arrange yours today.