From resilience to readiness: applying ten COVID-19 governance lessons to today’s global geopolitical risks
The COVID-19 crisis began as an acute health crisis that rapidly evolved into a ‘stress test’ for boards, giving them an extra impetus to drastically revise their governance and risk management models. The pandemic not only made robust governance practices stand out as ‘resilience success stories’ but, most importantly, highlighted governance deficiencies that needed swift attention and resolution. Five years on, COVID-19 remains a rich source of lessons for boards. The question is whether those lessons can also be applied in a world where new forms of uncertainty — geopolitical tensions, economic fragmentation, and technological rivalry — pose similar (if nor greater) challenges.
"Those who fail to anticipate, must learn to live with decline."
Awareness: COVID-19 taught us that it’s no longer sufficient to plan for conventional risks; there must be an awareness that extreme scenarios, such as global pandemics or geopolitical conflicts, can always become a reality. Companies that had well thought scenarios during the pandemic were able to adapt more effectively and quickly to its ramifications. Today, boardrooms must be as prepared for trade conflicts, sanctions, and hybrid warfare as they were once forced to prepare for the impact of COVID-19. A holistic and all-encompassing governance strategy of the below mentioned elements is essential in this regard.
Cooperation and collective intelligence: Another lesson from the pandemic is that close cooperation between the board and management is not a luxury but a necessity. The 'nose in, fingers out' model had to be temporarily set aside to act swiftly and effectively. Today, that same intensive collaboration is crucial for companies to be able to respond to geopolitical risks. Appointing a Geopolitical Intelligence Officer or hiring external experts, such as Geopolitical Strategists and advisors for a specific country or region, on a continuous basis will enable companies to scale up their geopolitical intelligence and to be ready to adopt a variety of views and solutions.
Ability to transform and reinvent the business: Flexibility and agility also proved to be core competencies. Companies that were able to adapt quickly during COVID-19 generally emerged stronger from the crisis. The ability to adjust structures and processes remains essential in a geopolitical reality that constantly shifts towards unknown outcomes. Companies must be prepared to restructure their supply chain or adjust their market presence when new regulations, agreements, restrictions or sanctions require it. Lacking that agility simply means falling behind. Moreover, the pandemic proved that risks can also present opportunities. Innovative companies used the crisis as a chance to develop new products, services, and business models. The same applies today to geopolitical shifts. Companies that proactively identify opportunities in geopolitical changes — such as entering new markets or restructuring their operations — gain a significant competitive advantage.
"Diversity and inclusion are more than a good intention; they are a competitive advantage."
4. Diversity and inclusion: During the pandemic, diversity in boards was more important than ever. Different perspectives and backgrounds led to greater creativity and better solutions. Today, this is still the case, yet board inclusion has provided a fresh rationale for optimising each member’s distinctive traits. Companies with diverse and inclusive boards are better able to understand cultural differences and operate successfully in complex international environments. Boards that still fail to recognise the value of diversity and inclusion risk missing out on crucial opportunities. The same rationale applies to the company’s relationship with its workforce during turbulent times where an inclusive culture reinforces the feeling of belonging amongst employees.
"Transparency is the only remedy against geopolitical blind spots."
Open communication: During COVID-19, it became evident how essential open communication between board and management was. Only by avoiding blind spots and allowing space for open dialogue can companies adequately respond to geopolitical challenges today. The ability to act quickly without complete visibility of the future requires clear communication and transparent decision-making.
Managing the informational flow between board and management is also key: Chairs and secretary generals have undoubtedly a critical role to play in this regard. The Chair also needs to maintain an open and ongoing relationship with the CEO, especially before and during a crisis, to ensure proactiveness, support, constructive feedback and alignment.
Stakeholder management: Clear communication planning needs to be also applied in managing the ongoing relationships with shareholders and stakeholders (employees, affected communities, public institutions etc). The same opportunity for communication exists with other companies in industry groups, directors institutes and member networks, allowing for peer exchange, coordination and sharing strategic and risk management tools. In this vein, GUBERNA will be dedicating a major part of its activities in providing thought leadership and peer exchange opportunities to its members.
Monitoring: The pandemic also highlighted the importance of continuously gathering and monitoring information. Companies that integrate geopolitical monitoring and risk assessment into their strategies stand on firmer ground. Governance models must be continually adapted to respond promptly to geopolitical changes. Today, geopolitical monitoring is about more than just assessing risks; it also involves identifying opportunities arising from a shifting world order. Secretary generals will also need to assume a particularly critical role in keeping pace with frequent regulatory and policy developments and liaising promptly with the board.
Decentralisation of processes: Decision-making processes had to be decentralised during the pandemic to respond quickly. That principle remains just as relevant today. Companies must be locally present and flexible enough to cope with varying regulations. This decentralisation not only provides greater operational agility but also a more robust risk strategy.
Resilience: Finally, there is the core value called resilience. Companies that integrated resilience as a strategic goal emerged stronger from the crisis. That same logic applies today to geopolitical challenges. Organisations that continually adapt their governance and risk management models are better prepared for future shocks. Resilience is not just about survival; it’s also about seizing new opportunities to grow stronger.
The COVID-19 crisis taught companies to look beyond the horizon. For today’s boardrooms, that’s a valuable lesson. The difference between surviving and thriving in an increasingly complex world depends on whether companies can turn risks into opportunities. The time to transform those lessons into strategy is now.
Boardroom Strategy for Geopolitical Risk - Genius Boards
Boardroom Strategy for Geopolitical Risk - Insights for Resilience and Agility - Genius Boards
Navigating the New Geopolitical Uncertainty (McKinsey, 2025)