Risk factors that face companies seem to continually grow, but the risk factors surrounding the COVID-19 pandemic has made executive risk coverage even more important.
Financier Worldwide points out that the pandemic has forced businesses to react quickly to changing circumstances, be it closing offices, furloughing workers or mandating their return. That doesn’t even take into account supply chain disruptions, volatile consumer demands and travel restrictions.
“As the business world returns to normality, decisions and actions taken during the pandemic may well be scrutinized closely,” according to James Whitaker, a partner at Mayer Brown International, and with the benefit of hindsight, not only by regulators, but also by commercial counterparties, shareholders, employees and other stakeholders.”
Consulting firm McKinsey & Company notes that the job of CFO has been transformed during the pandemic. A McKinsey Global Survey shows that “crisis management, social and environmental issues and the accelerated adoption of technology” are taking CFO’s time that had been devoted to leadership and finances.
And, as Financial Worldwide notes, that doesn’t include other factors concerning environmental issues, diversity and inclusion questions, the #MeToo movement, data breaches and more. Combine that with the pandemic, and companies are faced with a new business landscape. The companies that succeed will be the companies that prepare for any risk factor that may come their way.
Taylor Oswald, a minority-owned firm and partner organization of Oswald Companies, takes a global view of risk in the areas of property & casualty, employee benefits and health management, personal insurance management, retirement plan services and life insurance. To learn more, visit www.tayloroswald.com.
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