Resilience agenda gains ‘new urgency’

Essential technology and digital requirements have become to the corporate central nervous system and new and emerging technologies are rapidly altering the risk reality for companies across most industries.

Many of these trends were already key issues before the pandemic and organisations that were not preparing for the risks on the horizon need to start now. This is according to a report from Willis Towers Watson (WTW) for the technology, media and telecommunications sector.

Sara Benolken, TMT global industry practice leader, Willis Towers Watson, said “The future risk horizon highlights the need for organisations to re-examine operations to determine what worked and what didn’t during the height of the Covid-19 crisis.”

”Although the idea of resilience has been kicked around corporate offices for years, the virus has added a greater sense of urgency.”

Other key findings include:

• The rapid acceleration of technological change is driving companies to continuously innovate in order to transform their business and differentiate themselves from their competitors.
• Geopolitical uncertainty, ESG/Climate Crisis and Awareness and Inclusion & Diversity realisations are impacting capital, strategic, and operating decisions like never before. Supply chain shocks are likely to be more frequent and there is a growing realisation that ‘breaking barriers’ in these areas is now becoming essential, perhaps even existential, and critical to an effective risk strategy.
• New operating requirements have transformed the workplace with the consequences of remote working and digital transformation affecting companies, employees and investors. 
• The past 18 months have seen a massive and accelerated investment in technologies and new ways of working; We work differently as a result and the ‘new normal’ is likely here to stay and will continue to alter the risk reality corporates must address.
• A global talent and skills race is taking place with an increased focus on IT skills critical to future growth.

Adam Garrard, global head of CRB, Willis Towers Watson added, “Clients in the technology, media and telecoms sector have been impacted by the changing business environment as a result of Covid-19. 

”While some companies have struggled with the rapid acceleration of technological change, many have embraced innovation and successfully maintained and grown their business despite the challenges faced.”

The report was developed in partnership with Mack Institute’s Collaborative Innovation Program at the Wharton School, University of Pennsylvania.