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Risk in the boardroom in 2021

Financial, Executive and Professional Risks (FINEX)
COVID 19 Coronavirus

By Eve Richards | January 18, 2021

Willis Towers Watson and NEDA hosted a follow up webinar to consider how boards are grappling with the new risk landscape as they plan and look forward to 2021.
Risk in the boardroom

We explore a broad range of perspectives from risk and insurance professionals, board advisers and members of the NED community.

A recent Willis Towers Watson and NEDA webinar looked at what boards have learnt about themselves and their fellow board members during the current crisis, as well as what questions NEDs should now be asking their boards and the executive team in plotting their next course of action. Willis Towers Watson and NEDA also hosted a follow up webinar looking at how boards are grappling with the new risk landscape as they plan and look forward to 2021.

This webinar particularly looks at the attention that has been given to the obligations and liabilities of directors as they seek to ensure that their companies need to survive and thrive during the COVID-19 pandemic and beyond. Boards, and NEDs in particular, need to use the lessons learnt during 2020 and plot their course in 2021 – how different will the approach to managing risk need to be? Indeed, a recent survey by NEDA asked NEDs to consider the future risk landscape and a high proportion of NEDs were very optimistic and thought that the current crisis situation could result in a refocus of attention on positive opportunities rather than just negative threats which have already crystallised.

a high proportion of NEDs were very optimistic and thought that the current crisis situation could result in a refocus of attention on positive opportunities

Participants in the webinar gained access to a broad range of perspectives from risk and insurance professionals, board advisers and members of the NED community. By the time we reach 2021, Boards should be more confident in taking a realistic position on how well they are placed to manage the critical risks they face - both on a threat and an opportunity basis.

The session was led by Louis Cooper, CEO at NEDA, and considered the views and insights from Eve Richards, GB Head of Finex D&O at Willis Towers Watson, Socrates Coudounaris, Co-Chairman, 'Non-Executive Director and Chief Risk Officer' Special Interest Group at the Institute of Risk Management (‘IRM’) and an experienced NED who provided a sense-check on how boards are preparing for the future.

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