These are the top risks for business in the post-COVID world

-The business landscape will face greater uncertainty in the post-COVID period.

-Businesses need to watch three drivers of risk: political, technological and societal.

-The pandemic has shown the importance of public-private collaboration.

Over the past year, the business landscape has become much more precarious due to protracted uncertainty and confusion in pandemic response approaches, the challenges of vaccine rollouts and emerging virus variants – and spillover effects into other risks.

Businesses have had to manage dual economic and health crises, which have driven new employee and customer engagement protocols, remote working on an unprecedented scale, the re-engineering of supply chains, and numerous bankruptcies, consolidations and creative partnerships.

These developments and the long-term risk outlook have businesses wondering how to prepare for what may lie ahead. Foremost on their mind is their survival and building resilience. And not only in relation to ongoing pandemic impacts and their competitive positioning, but also recently unleashed cyber-attacks, catastrophic climate events and social unrest that demands workplace and community change.

While many businesses have innovated and adapted to rapidly-changing circumstances – seizing market share in the process – not all have. Nor will all benefit from the expected economic recovery. Businesses must be ready for a disorderly shakeout during this volatile recovery period. And they will need to strengthen and constantly review their risk mitigation strategies to improve their resilience to future shocks.

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