What is vulnerability? Why is it vital for businesses to tackle this issue?
Vulnerability is a complex, multi-layered topic. Covid-19 has been an accelerator as it both pushed more individuals down the vulnerability hole, whilst catapulting the topic to centre stage. Four main types of vulnerability have been identified:
- Human-social
- Physical
- Economic
- Environmental
The Financial Conduct Authority also defines a vulnerable consumer as someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care.
As vulnerability can impact customers, supply chain providers and employees, it is vital that businesses fully integrate vulnerability support strategies in their growth plans to achieve their expansion goals.
View agenda