B1 (4+4+4 = 12 marks) A clothing manufacturer is facing severe disruptions to its business due to the impact of the COV-19 pandemic. The regular supply of raw materials is stopped and its factory and office staff forced to work from home. The Chief Risk Officer (CRO) is asked to explain to the Board why the company was unprepared for these disruptions. Critique the following explanation given by the CRO: The COVID-19 pandemic is a Black Swan event and therefore could not have been identified as a risk in our annual risk assessment process. Answer ALL of the following in your own words: 1. Explain whether in your opinion, this scenario is a Black Swan event. 2. Explain whether in your opinion, the risk management of the company failed. 3. Discuss what actions the company should take to reduce the consequences of future Black Swan events