2021 Predictions

21.01.2021

Alongside resolutions the New Year also commonly brings predictions.

Most of those made in January 2020, were probably wrong or at least overshadowed, by what turned out to be one of the least predicted, but overarchingly the greatest impact on the year, in the form of the pandemic.

Predictions this year are perhaps unsurprisingly largely informed or steered by the challenges and change caused by the pandemic in the past year, many aspects of which remain ongoing.

A number of organisations make predictions, but one well respected research organisation which does so is Forrester. In its ‘European Predictions 2021’ it takes up a number of prescient directions.

However, the one which I think leaps out in the context of our view of the commercial-financial landscape is that 'Risk management becomes a top supply chain priority and that supply chains reconfigure to become resilient collaborative supply networks by 2022.'

In fact, this is directed initially at manufacturing, where it is perhaps more obvious. But I think interestingly by applying the same prediction to the financial services sector, the message remains just as relevant.

As financial services, from customer; to adviser; to platform; to wrapper provider (DFM, offshore or onshore life co etc.); to outsourcer and elsewhere, all need collaborative supply/value chain resilience. And to deliver this resilience each part needs the appropriate financial and operational strength and indeed focus. And to communicate that up and down the chain.

A very real light was shone on this in 2020 and its importance in 2021 is therefore more explicit than ever. The need for transparency and clear articulation in the robust position of each component, for the assurance of the whole, has never been greater.

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