While it's never possible to see the future, it's always wise to look and learn from the past.
The enormity of the economic fallout from the coronavirus pandemic highlights the dangers of complacency and the absolute necessity of always looking further down the horizon at what might be coming next.
Financial institutions can’t protect against every risk — we simply can’t know the future. But other vulnerabilities give plenty of warning signs, if only we are paying attention.
In late 2019, we interviewed a group of risk mitigation professionals from financial institutions around the U.S. about what they look for, how they plan, and how they take action when it comes to risk in their institutions. Although an economic recession is now a matter of reality rather than speculation, the insights they shared with us are more relevant than ever.