Businesses must not put off risk management processes to save cash during the COVID-19 pandemic, insurer FM Global warns.

Writing for insuranceNEWS.com.au, Senior Vice President Division Manager Asia-Pacific Alex Tadmoury says coronavirus will force businesses to adapt business models and tighten budgets.

“One of the biggest risks – and a key danger facing the region in the next six to 12 months – is the postponement of risk management and mitigation processes in an effort to protect cashflow,” he says

“As businesses reassess, reframe, adjust and adapt, our advice to all businesses is that these cutbacks must be short-lived, if they happen at all.

“Risk management may come at a cost, but unmanaged risk is far costlier.”

See Analysis.