Climate Change Risk, Risk Management and Resiliency Planning
As the world encounters more severe and frequent natural disasters and damaging weather events, Labcorp’s ability to identify, plan for and react to these events has become even more critical.
At Labcorp, our focus is on the health, safety and resilience of our people, patients, customers, property and the research community. To support this focus, we maintain a comprehensive Business Resilience program aligned to the International Organization for Standardization: Security and resilience—Business continuity management systems— Requirements (ISO 2230 (ISO 22301:2019 Security and resilience). The Business Resilience program includes business continuity and disaster recovery assessments and planning to prepare our business and technology teams to respond to adverse events and crisis management to lead our response when those adverse events happen. We leveraged these plans to respond to global, regional and local events over the last several years to support the continued resilience of our people, patients and customers.
Risk and opportunity identification processes are incorporated throughout Labcorp’s overall existing risk management framework. Risk assessments are undertaken annually with third-party insurers to model catastrophes such as hurricanes, earthquakes, inland flooding and storm surges. We also partner with these providers to evaluate local conditions and implement mitigation measures. For example, risk management teams identified certain locations in California as within wildfire zones, and installed sprinkler systems inside and around the perimeter of those facilities.