Coronavirus: The First Lessons

Insights - July 2020

We live and work in an environment shaped by the coronavirus crisis and its social and economic consequences. The operational risk profile of financial organisations has changed, and a proactive operational risk function is imperative as organisations attempt to deliver their critical services in unprecedented times.

This report offers some early thoughts on what operational risk has learnt from the crisis. It is a “first draft” of history, and we appreciate that many organisations are still dealing with the day-to-day challenges of the pandemic. Its contents is based on conversations with operational risk professionals at more than 100 firms, as well as press coverage of the pandemic. We reflect on what went well, what could have been improved and what steps operational risk might take after the crisis to improve its organisation’s resilience (and its own standing within the business).