Evolution rather than revolution. Now that markets have, at least for now, bounced back from March’s lows, this is how buy-side firms describe the impact of the Covid-19 crisis on risk management. But whether profound or otherwise, changes in approaches will be multiple and wide-spread.

For Sudi Mariappa, global head of portfolio risk management at Pimco, the metaphorical lesson from the experience is “[do] more exercise and eat healthy”.

“The evolution will be: continue to define what your