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.
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