Risk Management and Pandemics

In my previous role as a Risk Manager at Just Group plc we developed plans to deal with pandemics and similar crises in workshops that brought together all the key decision makers involved in providing on-going service to customers and shareholders etc.

Some of the things we considered were the closure of schools, the staff fearing going to work, and other things that are manifesting now.

While no sane person can derive any positive emotions from the impacts we are experiencing now, from premature deaths and reduced share prices, to cancelled events and lost jobs, it is comforting to know that the companies that people rely upon to continue to pay them their pensions, or to provide banking services, are prepared for these events.

Even if it looks, from the outside, like some financial services organizations are frantically communicating and making plans, this work is building on preparations made when we were able to be level-headed – when there was no imminent likelihood of a pandemic.

And Solvency II, and other regulations in the EU and the UK, will hopefully ensure that these companies have enough money on hand to weather any negative effects.

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