9th Annual Event Impact Management Study Report

OVERVIEW

This year, Witt O’Brien’s partnered with BC Management to deliver the 9TH Annual Event Impact Management Study. The study assessed how organizations prepare for events and how those events impacted organizations during 2020, to include not only the impacts of COVID-19, but how organizations prepare and respond to different crises. The findings highlighted activations during an event, impacts to the business and personnel, downtime experienced, and estimated financial loss by event.

This comprehensive study reviewed over 30 potential events spanning different accidents, human/ business disasters, natural and technical incidents. This study also evaluated lessons learned – what was successful and not successful – while activating the resiliency program during an event.

This year, Witt O'Brien's improved the survey design to reflect the growth and maturity of the resilience discipline over the last decade. “We’re confident this year’s study featured a well-balanced inquiry across corporate resilience, business continuity, crisis communications, and crisis management. The resulting survey data is highly informative for resilience practitioners and leaders as they build and enhance their programs,” offered Witt O'Brien's Devin Sirmenis, Managing Director, Corporate Resilience.

One key discovery detailed the increased involvement from executive leadership in response to the following events: ‘pandemic/disease’ (89%); ‘cyberspace attack’ (38% - up from 25%); ‘health/safety issues’ (33%); and ‘protest’ (33% - up from 19%). According to respondents, these same events resulted in the most significant estimated financial loss and the greatest impact to employees.

TAKEAWAYS

This comprehensive study reviewed over 30 potential events spanning different accidents, human/ business disasters, natural and technical incidents. This study also evaluated lessons learned – what was successful and not successful – while activating the resiliency program during an event. Below are some top findings from the study.

Integration
53% of organizations with “mature” and “very mature” programs indicated they have an integrated, holistic program equally focused on business continuity, crisis management and crisis communications.

Maturity & Loss
6% of respondents noted $10M+ in estimated financial losses, and, of those, 50% of business continuity programs were developed less than four years ago, while 60% never exercised business continuity plans.

Executive Involvement
There was an increased executive involvement in cyberspace attacks (25% in 2019 to 38% in 2020) & protests (19% in 2019 to 33% in 2020)

Small Teams
44% of respondents have only 1 to 2 dedicated, internal program personnel.

Program Reviews
58% are developing end-to-end program reviews/refreshes of their resiliency programs.

COVID-19
The pandemic consumed organizations with the longest business resumption period (average of 206 days) and presented the highest impact to critical processes (36% indicated more than 75% of critical processes were impacted).

FINAL REPORT

Click on the 'DOWNLOAD PDF' button link to access a complimentary copy of the 9th Annual Event Impact Management Study Report.