The escalating global impact of Covid-19 is being felt across every industry, sparking financial-market volatility and affecting people, businesses and economies worldwide. Throughout this state of flux, companies and governments around the world are closely monitoring the situation and shaping their responses to the challenges that unfold.
Here in EY we are working hard to help our clients react quickly in the short term whilst setting up for the medium to longer-term challenges. While the situation continues to evolve, we are seeing companies take proactive and measured approaches to safeguard their people and mitigate financial and operational exposure. The question on everyone’s mind is ‘What next?’.
Right now in the financial services industry there is an immediate shift toward online distribution and the real-world test of business continuity policies whilst events continue to unfold. In the medium to longer-term firms will need to set themselves up to manage through a prolonged period of uncertainty where more typical approaches and historic precedence are less, if not at all, relevant.
The last major economic crisis taught us many lessons on the need for ‘joined-up’ thinking both at an industry and functional level within each organisation. There is much to learn from the previous cycle while much is truly new.
Nonetheless, there are some key questions firms should be asking now:
Below you will find a selection of our most relevant insights and thinking to support you in leading through these volatile times. This will be continuously updated so please check back and reach out with any questions.