HOW DOES YOUR BUSINESS COPE DURING THIS CORONA VIRUS PANDEMIC?
As CEO and founder of WACHU IT SOLUTIONS, UKAH CHU spends his time helping organizations and Businesses manage pandemic, economic, supply chain and political risks. As the coronavirus continues its global march, its effect on business is no longer imminent; it is present. To help turn panic into productive and proactive action, in this opinion piece UKAH CHU has put together a series of practical steps that all organizations should explore.
Risk 1: Disruption Due to Social Distancing
Risk 2: Plummeting Employee Productivity
Risk 3: Stressed Supply Chains
Risk 4: Recession, Unemployment and Investment Pull-back
Risk 5: Economic Instability and Civil Unrest
The mitigation activities that your business can prepare can be wide ranging depending on your industry, geography, size, and other factors. These initiatives may include activities such as shifting budgeting from fixed costs to variable spending to provide flexibility in times of uncertainty.
Below I highlight five risk management steps that organizations should think about as they defend themselves against the pandemic.
Step 1: Readiness Assessments. A readiness assessment is a good place to start when organizations don’t know what their business continuity program should comprise. Industry and role readiness templates as well as pandemic-specific templates allow an organization to evaluate their business continuity program against a best practice standard and identify where gaps may exist. These readiness libraries break down standards and best practices into actionable pieces so that organizations can track progress and adherence.
Step 2: Risk Management Plan. All organizations should complete a risk assessment on their core business processes to identify and prioritize any new risks or gaps in their existing controls for new scenarios like pandemics, recession, and geopolitical conditions risks. First-level managers on the front line when prompted with risks are in the best position to be able to assess how these scenarios will impact their areas of responsibility.
Step 3: Business Impact Analysis. Not all risks within processes or functions within an organization should be treated the same way. A business impact analysis allows organizations to identify which parts of the business are most critical to its operations. Use the results to determine which parts of the organization to prioritize during a business continuity plan event to maintain operations.
Step 4: Policy Management. As the pandemic evolves and new information arises, policies will need to be revisited and updated and communicated. For example, reviewing and revising a work-from-home policy will be effective only if dissemination of that revised policy is made with governance tracking for adoption across the organization.
Step 5: Incident Management. Incident management is typically a highly siloed activity embedded within a process. In times of change management, a unified enterprise-wide mechanism is needed as an input to evaluate the effectiveness of mitigation and policy activities as well as to manage the exceptions, which are typically 20% of all activities.
IF YOUR BUSINESS IS NOT ONLINE AT THIS PARTICULAR JUNCTURE,THEN YOU ARE NOT READY TO STRIVE DURING THIS PANDEMIC
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