There are plenty of lessons behind the success story of every organisation, especially during these trying times. Football clubs – operated as proper companies these days – might teach us a thing or two about Enterprise Risk Management (ERM).
Enter Liverpool Football Club (LFC), that currently sit comfortably at the top of the Premier League table, 25 points ahead of rival Manchester City and well on track to become the league champion. They appear to have performed extremely well as an organisation on multiple elements of the Enterprise Risk Management Framework – which will be briefly discussed in the section below. It seemed impossible that they would not lift the trophy in May 2020 – not until the unprecedented outbreak of COVID-19 reached the UK and suspended the Premier League season until June 17 with nine matches left to play. What are the key takeaways from LFC’s risk management journey?