COVID-19 from Chaos to Continuity
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Focus Feature Book review Nat cats With QBE European This month, we Counting the cost Operations read Futureproof of the bushfires cirmagazine.com April 2020 Weinstein and the workplace Compliance, risk and HR professionals should heed the warning signs Eastern horizons The Middle East remains a crucial business region, but one where balancing risk and opportunity is vital Adjusting course Interconnectivity brings a heightened risk of cyber attack or systems failure for the maritime sector COVID-19 From chaos to continuity View: “There is much debate about the extent to which we have entered a true hard market” cover_v2.indd 3 07/04/2020 08:21:56 NEW DATE 9 DECEMBER 2020 The pinnacle of achievement in business continuity, security and resilience London Marriott Hotel, Grosvenor Square Sponsored by In association with Supported by cirmagazine.com/businesscontinuityawards BCAstd.indd 1 07/04/2020 13:47:32 Comment News & analysis Comment haotic scenes in to be the need to move fast, assume the worst, supermarkets, tension be comprehensive, and secure employee and even brawls on safety first and operational continuity next. public transport The second focuses on accepting that you over mask-wearing may spend “most of your time” on employee and coughing, fake communications – keeping up positivity and news, fake remedies, morale, and, importantly, listening as well and alarming as talking. A common theme throughout headlines around the crisis has been the value of separate A the stockpiling and resale of PPE at exorbitant and B teams for critical operations, support prices all characterise the darker side of suppliers and ecosystem partners. The ADL what can happen when people are faced with report goes further, urging innovation in Ca pandemic. cash management, and collaboration with These headlines were counterbalanced authorities and communities. with news of powerful acts of generosity, The final key insight was to start solidarity and commitment by companies and realistically planning for recovery now, despite individuals to pursue the greater good – from the difficulties of maintaining a positive restaurants making and delivering free food attitude in the depths of a crisis. “All the for frontline staff, entire production lines business leaders emphasised the importance switching from making their usual products of positivity, in terms of both maintaining to manufacturing masks and other protective morale and ensuring the best – and fastest equipment, to shop workers putting themselves – recovery possible following the crisis,” in danger to feed locals, and communities the report reads. “This does not mean false coming together to reach out and look after optimism and denying realities, but rather, those in need. acknowledging that although the crisis may Weeks later, and the focus has shifted to not be over quickly, it will not last forever. In when lockdown may end. Already there are practical terms, our leaders acknowledged that signs that it is working in the UK, with the in the early stages of the crisis, and especially virus’ peak expected in the coming weeks. if companies were damaged and focusing on But it is not over yet, and until it is, the focus survival, there might be little enthusiasm for remains on getting organisations through working on recovery. Setting up separate teams the crisis. to focus on this is one way to make progress.” Some excellent examples of these efforts The respondents to ADL’s research also have been compiled in one of the first recognised that the post-crisis business reports on the business response to the environment would present a raft of new crisis. Researched by global management opportunities. Among them were the creation consultancy, Arthur D. Little, the report details of efficiencies, increased productivity, and the actions and reactions among global CEOs further ‘smart working’ practices; greater in the telecoms, transport and utility industries automation and more flexible working; step delivering critical infrastructure services changes in customer adoption of online in Asia and Italy during the early spread of services, including potential for new remote the virus, and is recommended reading for products and services, such risk professionals leading or involved in any as diagnostics and testing; element of their companies’ own response. and M&A opportunities The insights are from leaders who arising from shake-out and maintained effective operations through the consolidation. worst of the pandemic and are now preparing Deborah Ritchie to rebuild. The first area of focus was found cirmagazine.com April 2020 03 CIR-EditorialComment.indd 1 07/04/2020 17:08:18 SAVE THE DATE 4TH NOVEMBER 2020 The 11th annual Risk Management Awards The pinnacle of achievement in risk management cirmagazine.com/riskmanagementawards Sponsored by Headline Partner Supported by London Marriott Hotel, Grosvenor Square RiskManagentAwards-2020_SaveTheDate.indd 1 07/04/2020 14:21:55 COVID-19 COVER STORY COVER From chaos to continuity 14 OPINION 12 NAT CATS 24 Weinstein and the workplace Into the forest The recent Harvey Weinstein trial and verdict are Despite the global sigh of relief when rain fell on landmarks of cultural and legal significance, Edward Australia’s bushfires, the damage had been done, and Henry QC argues will take time and resources to fix. Jeremy Hughes counts the cost to the economy and to the insurance COVER STORY 14 industry COVID-19: From chaos to continuity Rightly or wrongly, the severity of the ongoing lockdown is COVID-19 FOCUS FEATURE 29 forcing businesses to operate in ways that might transcend WITH QBE EUROPEAN OPERATIONS even the most frequently war-gamed scenarios. Deborah Ritchie reports Raising the ramparts 30 POLITICAL RISK 18 Following the outbreak of COVID-19, Chinese Eastern horizons authorities were facing a steep rise in the number The Middle East has proven to be a politically volatile of patients needing urgent care. To address the and unpredictable part of the world but remains a crucial issue, they built an entire hospital in just 10 days. region for many firms. Balancing risk and opportunity is as Andy Kane examines the key risks, as he lifts a lid important now as ever, writes Martin Allen-Smith on the construction MARITIME SECURITY 20 New dimensions 32 Adjusting course Working from home was BAU for many long An increased trend towards and reliance on before COVID-19, but, as Deborah O’Riordan interconnectivity brings a heightened risk of cyber attack writes, the unprecedented scale of reaction and or systems failure for the maritime sector – and the supply government intervention in this pandemic chains it serves. Ant Gould reports creates an unprecedented human challenge Audit Bureau of Circulations Member CIR Magazine and its content in all and any media are part of Perspective Publishing Limited. All Perspective Publishing Limited’s content is designed for professionals and to be used as a professional information source. We accept no liability for decisions of any nature, including financial, that are made as a result of information we supply. contents.indd 1 07/04/2020 13:57:13 Editorial & features News, views & regulars Analysis 7 Book review 9 Group editor News in brief 10-11 Deborah Ritchie [email protected] Industry views: Tel: +44 (0)20 7562 2412 Airmic and CII 48 Associate publisher IRM 49 Steve Turner [email protected] Executive summary 50 Tel: +44 (0)20 7562 2434 Market Guide: Industry products & services 51 Design & production manager Matt Mills [email protected] VIDEO Q&A 34 Tel: +44 (0)20 7562 2406 Delegates authority schemes Publishing director Mark Evans Deborah Ritchie speaks to John Dawe about Tel: +44 (0)20 7562 2418 the benefi ts of a scheme, what the journey Managing director looks like, how RSA helps partners maintain John Woods Tel: +44 (0)20 7562 2421 compliance, and much more Contributors Martin Allen-Smith NATIONAL INSURANCE AWARDS 37 Andrew Beckett Dr Matthew Connell THE WINNERS Ant Gould Th e winners of the 2020 National Insurance Edward Henry QC Jeremy Hughes Awards were revealed at a gala dinner and Andy Kane John Ludlow awards ceremony at the Waldorf Hilton in Deborah O’Riordan London in March. See all the photography Iain Wright and winners from the night here Accounts Marilou Tait RISK MANAGEMENT AWARDS 43 Tel: +44 (0)20 7562 2432 2020 AWARDS PREVIEW Subscriptions Tel: +44 (0)1635 588 861 Th e Risk Management Awards 2020 are [email protected] open for entries. Celebrating success £189 pa in the UK within the practice of risk management, £199 pa in the EU £209 pa elsewhere the 11th annual event will bring together Cheques must be made payable to organisations and individuals from across Perspective Publishing Limited and the industry to showcase their best products, addressed to the Circulation Dept. projects and people. Th e deadline for entries is 9th July 2020. Take a look at the award categories today. CIR Magazine is published by: Perspective Publishing 6th Floor 3 London Wall Buildings London Wall London, EC2M 5PD UK Tel: +44 (0)20 7562 2400 ISSN 1479-862X cirmagazine.com contents.indd 2 07/04/2020 13:59:25 Environmental claims management: pre and post-loss Response Investigation Remediation 0800 592 827 adlerandallan.co.uk Untitled-1 1 20/03/2020 08:54:40 News & analysis Cyber resilience Art of distraction As expected, the frequency of attempted cyber attacks has shot up amid the COVID-19 outbreak. Andrew Beckett outlines some important considerations for cyber resilience throughout the pandemic, and indeed beyond n what has felt like a sprint start to a marathon, keeping result in the downloading of malicious malware gaining up with the coronavirus pandemic is leaving businesses access to a firm’s network, if clicked through. It is vital that with little time to calculate approaches as they are forced the workforce must be made aware of this type of attack – to react to daily developments ‘on the job’.