Top 10 op risks 2021: geopolitical risk

Stimulus unwind, Covid nationalism and regime changes spell volatile operating environment

Covid-19 erupted across the globe just as last year’s Top 10 operational risks survey was going to press – a pandemic few predicted the severity of, nor its long-lasting insidious effects. What followed from governments was equally unprecedented: an attempt to counteract the virus by shuttering entire economies almost overnight, and to tourniquet markets rapidly pricing in the impact with massive fiscal and monetary stimulus.

In the advent, it took a Herculean effort from banks and financial

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