Depending on where an organization is located, the phrase "natural catastrophe" may encompass hurricanes, floods, earthquakes, hail, tornadoes, blizzards, landslides and possibly tsunamis. Whatever peril an operation faces, however, a successful risk management approach to natural catastrophes comes down to taking four key steps–knowledge, planning, practice and action.
The first step in preparing for a natural catastrophe is to know what exposures your facility faces. Think about your building's location. Is it in a floodplain? Is there a hill with landslide potential behind the building? Is there only one road providing access to your facility that falling trees can block?
Developing a risk management plan that addresses each individual natural catastrophe risk facing your facility–and how you would respond to it–can help reduce the impact of the event on your operation.
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