An Enterprise Risk Model for COVID-19 Crisis Effects – The Hungarian Experience

Abstract

Companies over the world faced several risks related to the COVID-19 crisis. However, when quoting those risks, it is common to mix up pandemic effects with general consequences of work at home or the use of electronic communication channels. At the same time, a lot of indirect effects of the crisis are not straightforward, and some consequences may only turn evident in the long term. This chapter collects different appearances and implications of the risk caused by the epidemic based on literature review, questionnaires, in-depth interviews, and expert panels with a particular emphasis on the findings from Hungary. The authors conclude that risk effects differ little across countries but rather widely across industries and individuals. The risk map presented clarifies critical connections and offers a structured overview for the first time in the literature. A better understanding of the risk effects may assist managers and regulators when another similar crisis would emerge in the future.

Citation

Juhász, P. and Szabó, Á. (2022), "An Enterprise Risk Model for COVID-19 Crisis Effects – The Hungarian Experience", van Tulder, R., Verbeke, A., Piscitello, L. and Puck, J. (Ed.) International Business in Times of Crisis: Tribute Volume to Geoffrey Jones (Progress in International Business Research, Vol. 16), Emerald Publishing Limited, Leeds, pp. 491-513. https://doi.org/10.1108/S1745-886220220000016026