In times of crisis, human nature dictates that we focus on the present with microscopic vision. As COVID-19 wreaks havoc worldwide, businesses have entered survival mode. They’re focused on the short-term impacts of the pandemic, with their top concerns being whether they’ll be able to meet payroll and pay next month’s rent. Other medium- and longer-term impacts of the coronavirus pandemic are very much “tomorrow’s problem”.
While the immediate safety of employees and short-term business contingency are vitally important, businesses should not make the mistake of ignoring the potential longer-term impacts. Some risks associated with COVID-19 may not fully materialise or crystallise for years to come. As the coronavirus crisis extends, there could be a domino effect where one risk triggers another in a cascading nature, according to Victor Meyer (pictured, right), chief operating officer at Supply Wisdom, and former vice-chairman of the World Economic Forum’s Global Agenda Councils for both Pandemic and Catastrophic Risk.
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