We live in an era of increasingly frequent external shocks that individually test the strategic, financial, operational, and reputational resilience of firms across industries. The severe – and in some cases fatal – impacts these shocks present to firms of all sizes underscores the growing role of risk management as an important strategic and commercial tool, aiding the preparedness and ability of firms to respond to and recover from disruptions when internal or external circumstances change (whether unforeseen or not). For some firms, the test of their resilience could be called upon once again in the near future by the continuing escalation of geopolitical risks, such as the potential for military conflict between the likes of Russia and Ukraine, China and Taiwan.
