Deloitte Review eZine

Issue 27 | July 2020

The essence of resilient leadership

Business recovery from COVID-19

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This issue of Deloitte Review aims to provoke thinking on how technological developments change our society and how, in turn, changes in society demand new technologies. The coronavirus may be the current accelerant, but it is also important to reflect on what the next driver may be, what new regulations might come out of it, and how the resulting innovations will likely become important for your business.

Leader

Special focus: COVID-19

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Health care transformed

In brief

Short takes from our longer content

Opportunity and innovation in a time of pandemic

Leader column by Thomas Schiller

The essence of resilient leadership

Business recovery from COVID-19

The essence of resilient leadership

Business recovery from COVID-19

Resilient leaders shift organizational mindsets, navigate uncertainties, and invest in building trust in order to develop a recovery playbook that serves as a solid foundation for the post-COVID future.

Superminds, not substitutes

Designing human-machine collaboration for a better future of work

Superminds, not substitutes

Designing human-machine collaboration for a better future of work

Realizing the full potential of AI in the future of work will require graduating from an “automation” view to a “design” view of the creation of hybrid human-machine systems.

Opportunity marketplaces

Aligning workforce investment and value creation in the digital enterprise

Learn how opportunity marketplaces could be used to connect people, skills development, and work in powerful ways, maximizing value for both organizations and individuals.

Opportunity marketplaces

Aligning workforce investment and value creation in the digital enterprise

Patient engagement 2.0

How life sciences companies can take patient engagement to the next level

The life sciences industry is moving beyond core patient services to the next generation of engagement platforms that seamlessly span the entire patient life cycle to help improve health outcomes.

Patient engagement 2.0

How life sciences companies can take patient engagement to the next level

Narrowing the rural-urban health divide

Bringing virtual health to rural communities

There is growing evidence that virtual health can be a cost-effective and powerful tool to improve rural health care. Here's how health care providers can get started, and how government agencies can help.

Narrowing the rural-urban health divide

Bringing virtual health to rural communities

Strength in diversity

Within reach?

Achieving gender equity in financial services leadership

Within reach?

Achieving gender equity in financial services leadership

Despite their efforts, many financial firms have yet to achieve a greater representation of women leaders. This article offers a roadmap for cultivating more female executives to lead the industry forward.

Paving diverse paths to technology leadership

Diversity and inclusion in tech

Paving diverse paths to technology leadership

Diversity and inclusion in tech

Do IT organizations only want to hire technologists? Think again. IT organizations are becoming more diverse in their hiring—in fact, they seem to proactively look for and recruit those who, through their strategic thinking and intellectual curiosity, are able to bring a fresh perspective to the table.

Implementing the smart factory

New perspectives for driving value

Implementing the smart factory

New perspectives for driving value

For manufacturers looking to implement a smart factory, considering lessons from those who have done it can provide direction forward and pave the way to greater value.

Connectivity and its potential

Private 5G networks

Enterprise untethered

5G's new standards for enterprise will open the floodgates to a host of previously infeasible applications, allowing for industrial-scale internet-of-things networks in factories, warehouses, ports, and more.

Private 5G networks

Enterprise untethered

Responsible business

The sustainability transformation

Look ahead, look inside, and look around

Pressures toward sustainability are reaching a tipping point. How can businesses accelerate their sustainability transformation to find new opportunities and avenues for growth?

The sustainability transformation

Look ahead, look inside, and look around

Measuring the business value of corporate social impact

Beyond social value to enterprise performance

How much is corporate social impact worth? Today, improved measurement techniques and data analytics can enable companies to better understand the business value of their social impact efforts, enabling them to better allocate resources and make strategic decisions.

Measuring the business value of corporate social impact

Beyond social value to enterprise performance

Getting decision rights right

How effective organizational decision-making can help boost performance

Digital health technology

A case study of health care transformation

The realist’s guide to quantum technology and national security

What nontechnical government leaders can do today to be ready for tomorrow’s quantum world

Marine plastic pollution

The hefty cost of doing nothing

The future of fresh

Understanding the fresh food consumer

Order from chaos

Startups tackle organizing India’s road logistics industry

The End Note

Managing risk

What we said then

What we think now

What we said then

What we think now

Surviving and thriving in the uncertainty and turbulence that has characterized the first decade of this century requires unconventional thinking and calculated risk-taking. … Risks must be managed, not simply avoided. They must also be analyzed for their complexity and interactivity. Anticipation and preparation are key to survival and success.

Risk intelligent decision making: Ten essential skills for surviving and thriving in uncertainty, July 1, 2010

Frederick Funston, Steve Wagner, and Henry Ristuccia

Michael Kearney

Chief marketing officer, Risk & Financial Advisory, Deloitte & Touche LLP

Risk management has historically been the domain of unrewarded risks, such as compliance, regulations, or other mandated requirements. However, the last 10 years have seen a tremendous amount of innovation, including breakthroughs in identifying and monitoring for high-impact, low probability risks. If you had a “risk intelligence” group back in December, that group could have been doing scenario planning for COVID-19 and communicating the potential risks to senior leaders and the board.

The time to act is now

Often, organizations don’t get ready for low-probability, high-impact risks like pandemics because of important competing—and urgent—priorities. Nobody says they’re not important—they’re just not urgent, so addressing them keeps getting delayed.

If a CEO or board is thinking anything, they should be asking their risk management people how they can help manage these risks. And if they don’t get a useful answer, they had better push on them harder.

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There will probably be an uptick in executives paying more attention to these kinds of risks. The good news is that the tools, technologies, and risk specialists to do so are largely in place, and a lot of thought has been given to this challenge. And the current environment is already driving a lot more innovation in risk management.

Risk professionals have an exciting opportunity to demonstrate how they can help organizations manage risk. They need to up their game and demonstrate how they can help executives uncover, monitor, and address high-impact, low-probability risks. But leadership needs to meet risk management halfway. The executive team and the board need to start proactively asking risk professionals how risk management can help with such risks.

Done right, risk management can help organizations deploy bold strategies by considering the risks associated with leaders’ chosen strategy, the strategy’s execution, and the choices they have not made.

History has repeatedly shown that crises drive innovation. The COVID-19 pandemic has dramatically altered the way we live, and there can be no doubt that we will find our world has changed in fundamental ways once the threat recedes.

Opportunity and innovation in a time of pandemic

Leader column by Thomas Schiller

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