In this edition of StrategicRISK, we look at how businesses are responding to the COVID-19 crisis as the situation rapidly escalates around the world.
We are facing unprecedented alterations and upheaval to our lives as we knew them. Millions of organisations have instructed their employees to work from home and schools have shut across the world, sending millions of children home to learn (or try to).
IT infrastructure is being tested beyond its usual capabilities. Families have become co-workers. The risk matrices are off the charts. It is clear no one really knows how to handle this situation, so guesses are being made.
Forward-looking risk management plans either don’t seem to have scenario tested this particular situation, or the plans just weren’t up to scratch. Governments are scrambling. We have leaders condemning each other’s actions, pitting leader against leader at a time when we need strength in numbers (albeit at a safe distance of one metre at all times).
For now, all we can do as individuals, businesses and risk and insurance managers is take one day at a time. We need to trust and heed the advice of governments, even if we aren’t sure they are correct. Hindsight will be 20/20 on this particular crisis.
One thing you can do at this time of need is remember you are human. Now is not the time to force people into offices or into situations where they feel they must choose profits over people. Give people space and boundaries. Allow employees to set their own hours and try to understand everyone is facing a different situation at home.
Space is what we all need more than ever before. These are extraordinary times and your response to it will be remembered. Just make sure you are remembered for the right reasons.
Also in this edition
COVER: CORONAVIRUS: AUSTRALIAN GOVERNMENT STEPS UP
Government stimulus packages could help stave off a severe economic downturn in the country as a result of the pandemic sweeping the globe. A KPMG report takes a closer look.
INSURANCE PRICES HIT NEW HIGH
Asia regional composite pricing rose the slowest from Q3 to Q4, hitting under 6%, while Australia and New Zealand saw continued double-digit increases.
AON/WTW: NO COMPETITION
As the dust begins to settle on the news of the latest mega-merger, between Aon and Willis Towers Watson, we asked risk experts for their views on the deal and what the impact will be for customers.
The extent of the damage caused by the coronavirus changes daily and risk managers in the Asia-Pacific region are being forced to take stringent measures to try to protect their businesses and their employees.
The effects of the pandemic on the global economy are yet to be seen, and hard to predict, as businesses close and supply chains crumble. How can crisis teams respond?
HOLDING UP HALF THE SKY
Airmic has a strong ethos of diversity that runs throughout the organisation. We gathered the unique perspectives of some of its most successful female players.
WHO ARE YOU DEALING WITH?
Companies must be proactive in monitoring the environmental, social and governance strategies of every link in their supply chain.
DON’T GET SUNK BY SANCTIONS
International sanctions lists grow and change continually, but regulators come down hard on non-compliance. Enhanced due diligence is a vital part of the solution.
FINANCIAL CRIME: ARE YOU BEING USED?
A huge number of companies are used to launder money and the proceeds of financial crime, most often without even knowing it. Advanced tech could be the answer
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