There has always been a need for organisations to build resilience into every business model, and the magnitude of the impacts of COVID-19 has further highlighted this need.
There are a number of critical factors that need to be considered for a prompt response to any crisis, including the ability to:
- review and test your incident response plan to manage the potential financial, legal, reputational, data and PR impacts and identify the advisors to support your response to a significant incident;
- review key risks, model the impact on working capital and liquidity, and prioritise contingency planning;
- create a governance structure to allow senior executives and the Board to maintain a strategic and cross-functional approach to crisis management for an extended period;
- identify your minimum viable business model, critical controls, core processes, key customers, products and suppliers;
- determine your key staff, their deputies, how they are supported and their minimum viable requirements;
- consider how you would handle a second concurrent incident and the interdependence and impact of multiple risk incidents;
- conduct a periodic simulation of crisis incident management and response.
Preparation for crisis management is vital to the survival of an organisation’s operations.