Board chairs assess the risks—and potential opportunities—of a deteriorating economic and geopolitical environment

August 2022

On July 19, 2022, chairs of the boards of leading banks and insurers met to discuss the implications of high uncertainty and volatility in the global economy and the major risks and opportunities facing their institutions in the months ahead. Participants agreed that the combination of a deteriorating macroeconomic landscape, rising geopolitical tensions, and political instability creates a uniquely challenging operating environment. This summary captures key themes emerging from the discussion and is organized in the following sections:

  • The macroeconomic environment is fraught with risk
  • Cyberattacks and the ongoing pandemic could bite again
  • Competing priorities around climate transition create new challenges, but also opportunities
  • The economic downturn and market correction could lead to further industry consolidation
  • Conditions could generate opportunities for improved public-private engagement