16 June 2020
Corporates’ business resilience capabilities have been tested in recent years by a series of challenges – but the scale and speed of the Covid-19 pandemic creates an unprecedented level of uncertainty to be prepared for, says Deutsche Bank’s Dennis De-Weerdt
‘Expect the unexpected’ could be the mantra for the 21st century and any company without business continuity and business recovery at the top of its risk agenda is probably no longer in business.
In more than a decade since the global financial crisis, events have required companies to become more resilient in response to a succession of challenging events. They include post-crisis recession; increasingly frequent and major extreme weather events; growing geopolitical tensions that include Brexit and the US-China trade dispute; volatility in commodity prices; cyberattacks such as WannaCry and security breaches; and most recently Covid-19.
The current pandemic is in a class of its own however. Many of the previous shocks limited their impact to a single location or sector; this one has reverberated around the world, with the populations of major economies in lockdown for weeks and economic activity on hold. Comprehensive business continuity and business resilience plans are essential for any company that aims to survive until conditions begin returning to normal.