Many financial institutions have moved quickly to operationalize changes needed to address the near-term and longer-term impacts of the COVID-19 global pandemic. In a recent webinar conducted by Protiviti, credit risk management and mitigation techniques were explored in depth. More than 1,100 people attended, and many of them shared their most pressing concerns and views through polling questions focused on understanding how they are managing through the current crisis environment and beyond.

This article describes the impact of COVID-19 on the financial services industry and outlines steps lenders should take to mitigate emerging issues as crisis conditions evolve.