Answer to Question #241001 in Management for patricia connor

Question

The global pandemic continues to reap havoc across the world. All industries including banking have been impacted. The threat of new variants as we are told and vaccine hesitancy has kept the board of banks busy as they seek to navigate in these uncertain times.

You are the Chairman of the Board of Resilient National Bank. Your job is to conduct a critical analysis of how the pandemic will shape the business model of your institution. Your analysis should include how the banking system has evolved in your jurisdiction from 1996- 2021 from a legislative, regulatory, technological. economic, political and social standpoint.

 Coupled with the pandemic you are to consider how climate change is likely to impact your banks financial statements.

Answer 1

While quick development of COVID19 vaccines is a remarkable feat, vaccinating the entire world has numerous hurdles, from production to distribution, deployment, and, most crucially, acceptability. The ability of governments to explain the benefits of vaccination and to provide vaccinations safely and effectively is crucial to public confidence in vaccines. This short discusses the role of governments in creating trust in their abilities to buy and distribute resources efficiently and equitably, as well as in their ability to communicate effectively about their efficacy and safety. While only a small percentage of the public is anti-vaccination, there is apprehension about COVID19 inoculation in several nations. Recognizing that the scale of vaccination campaigns required is unprecedented, government efforts to build confidence will be critical to their success and the formation of more resilient societies following the crisis.

While the development of COVID19 vaccines has been a huge success, vaccinating the majority of the world's population is a huge challenge. Gaining – and maintaining – public trust in COVID19 vaccines and vaccination will be just as important as the vaccines' effectiveness. Furthermore, the COVID19 experience will most likely impact confidence in subsequent vaccines, making it even more critical to develop confidence now.

Trust in vaccination, as well as governments' ability to explain and properly implement vaccination programmes, is heavily reliant on:

the amount to which the government can instil and maintain public trust in the vaccines' efficacy and safety;

the institutions' skill and dependability in delivering them;

the ideas and processes that underlie government vaccine procurement, distribution, prioritisation, and administration decisions and actions;

the regulatory agencies' capacity and effectiveness in dealing with difficulties and communicating consistently as events unfold, while maintaining public trust in their review processes; and

the efficacy of the public participation and communications that go along with it.