RISK AND CRISIS MANAGEMENT IN THE COVID-19 ERA
Companies are facing unprecedented times as the measures being deployed to slow the spread of the novel coronavirus (“COVID-19”) are impacting capital markets, supply chains, and business operations. The uncertainties of the current environment serve as a powerful reminder to the Management of the demand for risk management and crisis planning.
WHAT TO DO WHEN THE UNTHINKABLE HAPPENS
Companies must understand the main scenarios that could most impact them and invest in appropriate control and response measures that reflect the exposure.
Companies should continue to think of business continuity as a phased response – short term emergency response (providing clear guidelines with regard to how employees can talk about the business and the impact of COVID-19 on operations and employee health and safety), crisis management (ensuring key stakeholders retain confidence in the ongoing viability of the company), business recovery (enabling the most important, value generating parts of the company to recover, as quickly as possible) and training (testing the strategies and completing exercises that review the plans and strategies).
An effective crisis management system and business continuity plan (“BCP“) should address issues such as ensuring the well-being of employees, managing brand reputation, keeping resources and assets protected, and addressing any legal issues that may be triggered by the crisis. It should also ensure that stakeholders are informed of the policies and actions relevant to the crisis at hand.
It is essential that BCP to be constantly updated and regularly tested to look ahead and consider new scenarios.
BELOW ARE 5 KEY STEPS TO CONSIDER WHEN NAVIGATING YOUR WAY THROUGH THESE PHASES:
- Establish the facts and clear pre-crisis financial starting point.
- Assess COVID-19 revenue impact; it shows how important to understand the Government funding options available to the Companies.
- Clarify crisis management priorities.
- Build an integrated 18-month crisis management system and BCP. Companies will also need to adopt better strategies and tactics, e.g. adopt digital corporate governance.
- Execute plans and continuously monitor operational performance. It also requires ongoing reviews of the environment for key changes to make sure the planning assumptions are still relevant.
HOW WE CAN HELP
If you require support with risk and management planning, or with any other business operations, please do not hesitate to contact us.
ABOUT US : MyBusiness Asia is a provider of corporate and accounting services in Singapore, Hong Kong and other Asian countries. MyBusiness Asia is a brand of RBA and Rosemont group. We offer a full range of corporate services. We aim to provide entrepreneurs with quality services at an attractive cost, through a digitalized platform. STARTING: MyBusiness Asia can help you to start your business in Asia step by step. RUNNING: We provide high quality services for a successful business. STRUCTURING: We help you structure your company for success and growth. We register and service companies in Singapore and Hong Kong. Secretary, Accounting, Taxation, HR & Payroll are all done remotely. We aim to provide entrepreneurs with quality services and attractive cost, through a digitalized platform. Our incorporation and running processes are 100% digital • 100% paperless company registration • Fast and efficient customer service • All-inclusive compliance & accounting packages available. We register and service companies in Singapore and Hong Kong. Secretary, Accounting, Taxation, HR & Payroll are all done remotely. We are a brand of RBA and part of Rosemont International Group.
