Building Resilience in Times of CrisisA podcast interview with
Marsh’s Risk in Context podcast series helps listeners better understand key risks, build more effective insurance programs, and think creatively about risk.
The unprovoked conflict between Russia and Ukraine has led to a major humanitarian crisis, and created one of the most significant geopolitical crises of our time — with substantial risk and insurance implications. Pat Donnelly, president of Marsh U.S. and Canada, and Michelle Sartain, head of Marsh Specialty for the U.S. and Canada, discuss the implications of the Ukraine crisis on businesses and some of the persisting challenges of the COVID-19 pandemic.
On the rapid impacts of a new risk:
“The crisis in Ukraine really underscores how quickly a new risk may arise, with repercussions around the world that impact both people and businesses.” – Michelle Sartain
On communication during times of crisis:
“The way businesses manage and communicate with their people is critical, including providing a clear understanding of the organization’s position and what is being done to support those impacted. Lead with empathy even when you don’t have all the answers.” – Pat Donnelly
On the importance of building resilience:
“The pandemic in this current crisis emphasized the importance of long-term resilience strategies. And resilience needs to be seen as a continual process. Building resilience — or the practice of resilience — rather than achieving resilience.” – Pat Donnelly
On the impact of the Ukraine crisis on supply chains:
“The pandemic showed us the fragility of modern supply chains, which are also being threatened by the current conflict, and that fragility can impact both businesses and people.” – Pat Donnelly