Financial institutions offer a host of critical services to corporate, business, and individual customers. Access to financing has become even more important in times of a pandemic crisis, with businesses operating in survival mode and households suffering financially. Financial services companies are not immune to economic shocks resulting from the global economic disruption that the pandemic caused. Banks are forced to operate in challenging and complex conditions, navigating muddy and unchartered waters most of the time.
While many finance providers have business continuity plans to maintain stability in recessionary times, pandemic planning is about achieving stability in the storm. This is because the impact of a prolonged and ongoing pandemic is difficult to assess. Pandemics are known to occur and unfold in multiple waves and across borders, threatening financial market stability.