The escalating global impact of Covid-19 is being felt across every industry, sparking financial-market volatility and affecting people, businesses and economies worldwide. Throughout this state of flux, companies and governments around the world are closely monitoring the situation and shaping their responses to the challenges that unfold.

Here in EY we are working hard to help our clients react quickly in the short term whilst setting up for the medium to longer-term challenges. While the situation continues to evolve, we are seeing companies take proactive and measured approaches to safeguard their people and mitigate financial and operational exposure. The question on everyone’s mind is ‘What next?’.

Right now in the financial services industry there is an immediate shift toward online distribution and the real-world test of business continuity policies whilst events continue to unfold. In the medium to longer-term firms will need to set themselves up to manage through a prolonged period of uncertainty where more typical approaches and historic precedence are less, if not at all, relevant.

The last major economic crisis taught us many lessons on the need for ‘joined-up’ thinking both at an industry and functional level within each organisation. There is much to learn from the previous cycle while much is truly new.

Nonetheless, there are some key questions firms should be asking now:

• First and foremost, how can we help and enable our customers in these critical weeks when our traditional means of operation is no longer possible?
• Do our people have access to the support, information, tools and technology that they need to maintain productivity?
• How do we move from triage to a more stable model of navigating the crisis?
• Are we effectively balancing our urgent business needs and regulatory obligations?
• What changes do we need to make to how we plan and manage in such uncertain times; what scenarios may unfold and how ready are we?
• Banking and Capital Markets: How can we plan and carefully manage the end to end credit and risk lifecycle as the crisis evolves?
• Insurance: How will we manage the potential spike in claims?
• Wealth and Asset Management: Are we preparing for potential triggers to investment mandates and increased redemptions?

Below you will find a selection of our most relevant insights and thinking to support you in leading through these volatile times. This will be continuously updated so please check back and reach out with any questions.