Case study: Covid-19 and the transformational shift in resilience
Acknowledgements
Abbreviations
Glossary
Foreword by Mike Campbell
Foreword by Raj Sardana
Preface
Introduction
What is operational resilience?
Facets of operational resiliency
Driving business value
How to approach operational resilience
Operational resilience fundamentals
Getting organised around operational resilience
Regulation: Reshaping the financial industry
Understanding impact tolerances: How severe is severe?
Scenario testing: What are severe but plausible scenarios?
Connecting the dots: Resilience, risk and resolution
How resilient are you? The supply chain imperative
Intersection of operational resilience, ESG and climate risk
Artificial intelligence and the transformation of operational resilience
Case study: Covid-19 and the transformational shift in resilience
Closing thoughts: The impact of operational resilience
Appendix: toolkit and guide
Endnotes
References
The world was abruptly thrust into an unprecedented crisis with the onset of the Covid-19 pandemic. Originating as a localised outbreak in China at the end of 2019, it swiftly evolved into a global health emergency within a matter of months. Leading a crisis management function within a financial organisation, I vividly remember closely monitoring the escalating situation in December 2019 as it extended beyond China, country by country. At that time, working for a US-based company with a domestic footprint, there was a tendency to believe in some degree of isolation from the pandemic’s global reach. Little did we anticipate the profound and far-reaching impact it would have.
Despite having pandemic response plans in place, the reality surpassed anything accounted for in those plans – globally, nationally, regionally, or at the industry level. What ensued was a cascading effect that reverberated across the globe and various sectors. Lives were lost or disrupted, healthcare services strained, the supply chain of protective equipment contracted, workers incapacitated, and a lack of understanding about virus transmission prevailed. It took months before transmission of the virus was
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