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How risk managers can survive a ‘perfect storm’

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As Winston Churchill once said: “If you are going through hell, keep going.”

This is an extraordinary time for risk management professionals. In 2008, when the global financial crisis unfolded, risk managers found themselves trying to counter the biggest financial shock since the Great Depression of the 1930s. Today, the world is facing a greater challenge — three global crises at the same time: the public health crisis, the geopolitical crisis, and the climate change crisis.

In 2020, the world was struck by a pandemic on the largest scale since the Spanish Flu in 1918. According to the World Health Organization’s latest estimate, Covid has already claimed nearly 15mn lives globally and is still far from over.

For some countries, the worst may be yet to come. Recently, the centre of Covid has shifted from Europe to Asia. In March, Hong Kong had the highest Covid death rate in the world. Today, the Chinese mainland is fighting against the…

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