Interconnected and Interdependent: Risks in the Age of COVID-19

Interconnected and Interdependent: Risks in the Age of COVID-19
Interconnected and Interdependent: Risks in the Age of COVID-19
September 24, 2021 14 Min Read

Interconnected and Interdependent: Risks in the Age of COVID-19

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At the same time as managing through a global pandemic, businesses are tackling competitive threats and other long-tail risks.

Key Takeaways
  1. Nearly two-thirds of business leaders said that the pandemic has exposed new vulnerabilities that require significant changes in how they prepare.
  2. Organizations are examining how they can navigate the transition from crisis to recovery and prepare for success in the future.
  3. The pandemic highlighted COVID-19 how unprepared for large-scale disruption communities, business leaders and governments were.

While managing through a global pandemic, businesses are at the same time tackling competitive threats and other long-tail risks, Aon CEO Greg Case told participants at an digital event held in partnership with the Financial Times.

Speaking at the opening session of “The Next Big Threat: Is Your Organization Ready?”, Case explained how an exclusive survey carried out on behalf of Aon highlighted that risk is more interconnected and interdependent than ever before.

“Nearly two-thirds of business leaders said that the pandemic has exposed new vulnerabilities that require significant changes in how they prepare,” said Case. “They’ll need to widen the range of threats considered, as well as expanding the notion of who in their firms are responsible for anticipating these threats.”

The event, held on September 22, was conducted in partnership with Aon. Leaders from Aon, The Carlyle Group, Morgan Stanley & Co., Avis and Walmart examined how organizations can navigate the transition from crisis to recovery and prepare for success in the future.

The event, held on September 22, was conducted in partnership with Aon. Leaders from Aon, The Carlyle Group, Morgan Stanley & Co., Avis and Walmart examined how organizations can navigate the transition from crisis to recovery and prepare for success in the future.

Case noted that the survey showed only a small number of leaders said they were “very well prepared” for the pandemic. Those who said they were more prepared reported a broader awareness of and preparation for a range of other risks including cyberthreats, and workforce disruption. The results reinforced the complex and connected nature of risk and the gaps many organizations struggle with, Case added.

And while these risks existed prior to the current pandemic, COVID-19 exacerbated how unprepared for large-scale disruption communities, business leaders and governments were.

“Client need continues to outpace innovation, exposing a troubling gap, and what we concluded is that the ability to provide solutions lies beyond our own capabilities,” said Case.

View the recorded event presentations, including sessions with Aon leaders Julie Page, John Bruno, and Lynn Serpico, at “The Next Big Threat: Is Your Organization Ready?”

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