How to withstand, respond and recover your business through the COVID-19 crisis. Financial institutions and other sectors face an evolving set of challenges to their operations from the pandemic.
The spread of the COVID-19 coronavirus could impact more than five million businesses worldwide and the most severely affected countries represent nearly 40 percent of the global economy. 1, 2
- 79% Board members state that their organizations are not very well prepared to deal with a crisis event. 3
- 94% of the fortune 1000 are seeing corona virus supply chain disruptions. 4
- Fear of the consequences of the global corona virus epidemic has caused the international stock markets to experience the worst week since the 2008 financial crisis. 5
Companies have to execute now and prepare for the “next” and “beyond” as a result of COVID-19 challenges.
- Now: Solve the now – Manage the immediate resilience challenges faced by the firm.
- Next: Manage this year – Analyze the evolving scenario and design the risk and resilience response strategy.
- Beyond the current crisis – The post pandemic environment gives firms an opportunity to define a ‘new normal’.
EY Quick check „Corona“ can provide transparency on potential business risks and give clear recommendations for action:
Download the EY Flyer “Operational resilience response to COVID-19” if you are interested in an overview on common challenges faced by firms regarding operational resilience and Regulatory expectations.
Source:
1Coronavirus could impact more than five million businesses worldwide, new research show. CNBC.17.02.2020. © 2020 CNBC LLC.
2COVID-19: Implications for business. McKinsey&Company. March 2020.
© 2020 McKinsey & Company.
3 EY-IIF Bank Risk Management survey
4 fortune.com
5 Handelsblatt.de
