COVID-19: Helping boards build business resilience COVID-19: Helping boards build business resilience COVID-19: Helping boards build business resilience

The outbreak of COVID-19 has created a diverse and complex range of new challenges for Australia and the business environment, which call for a measured, practical and informed approach from leaders.

The topics below, tailored to support Non-Executive Directors, will help you understand the impact the disruption of COVID-19 will have on your business, and position your organisation and people to be more resilient post the pandemic.

For further insights visit the Board Leadership Centre or contact our team.

Alison Kitchen, KPMG’s Australia Chair, is joined by David Gonski, Chairman of Australia & New Zealand Banking Group, in conversation to share his thoughts on the COVID-19 crisis, the opportunities and challenges for Australian businesses and any lessons learned through the course of his non-executive director career that may serve as guidance for today’s boards.

Merriden Varrall, KPMG’s Australian Geopolitics Lead, together with Rohitesh Dhawan, Managing Director of Eurasia Group, discuss the major geopolitical drivers impacting Australian businesses and what boards need to consider to position their business for success during the uncertainty ahead. The following topics are covered.

• The four major geopolitical themes: tectonic shifts in the international and regional system; increased domestic discontent; dramatic advances in technology, and climate change and how each theme has been affected by C-19.
• COVID scenarios: 3 epidemiologically-drivenglobal scenarios for the pandemic and its associated geopolitical implications.
• Key regional and country trends: lockdown exits, outlook for economies and healthcare, nature of stimulus.
• Other issues: Impact on commodities and the outlook for ESG.
  

For further reading, please refer to our report COVID-19: Asia-Pacific region – Implications for Australia.

With imperfect information, heightened uncertainty and the need for transparent decision-making, Martin McGrath, KPMG Partner – Audit Assurance Risk, discusses the complex issues COVID-19 has created and their implications for end of June reporting, while Matt Tottenham, KPMG Partner – Risk Strategy, explores what the future of governance will look like in a post-COVID world.

These include: impairment, going concern considerations, audit implications, disclosures, transparency, board expectations, data-driven decision making, scenario planning and cultural oversight.

Further reading
Audit Committees: Spotlight on Critical Controls (PDF 869KB)
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Peter Liddell, KPMG’s Asia Pacific Lead for Supply Chain advisory services and Samantha Durban, KPMG’s Victorian Procurement Lead, together discuss how COVID-19 has exposed the vulnerabilities in the supply chain of Australian organisations and the crucial steps needed to rethink and shape the supply chain and logistics operations for the future.

These include: the importance of data and analytics in rapid decision-making, understanding and having visibility of all the touch points in the value chain, heightened focus on workplace health and safety, and the acceleration of robotics and AI in supply chain management of the future.

Further reading
Supply chain’s new world order: Where to next?

Kevin Smout, KPMG’s Global Lead for Governance Risk and Assurance and a Partner in the Australian Risk Strategy and Technology team explores key risk considerations for board members as we think forward to recovery. These include: crisis and risk management, the flow on impact of a triggered risk event, the critical role of technology and real-time remote risk management, and practical applications for your organisation.

For further reading, please refer to our article on risk connectivity.

Jane Gunn, National Lead Partner for People & Change & Kathy Hilyard, National Partner for Leadership discuss the impact of COVID-19 on leadership and in particular the need for leaders to be adaptable through complexity.

For further reading, please refer to our toolkit on leading in this time of great disruption.

Stephen Walmsley, KPMG Partner, Leadership, Performance and Reward explores what Boards need to consider for remuneration in FY20 and beyond. These include: options for companies needing to conserve cash; incentive outcomes at financial year end; and performance targets for incentive plans in FY21.

For further reading, please refer to our factsheet about the implications on executive remuneration (PDF 119KB).

David Heathcote, KPMG Global Head of Debt Advisory and Cecily Conroy, Head of Equity Capital Markets for KPMG Australia explore the issues Boards need to consider when managing borrowing requirements and raising equity in a volatile market, including lessons learnt from the GFC.

For further reading, please refer to our insights on debt markets and liquidity assessments.

Joined by Jeremy Hirschhorn, Second Commissioner, Client Engagement at the Australian Taxation Office, David Linke, KPMG National Managing Partner for Deal Advisory, Tax and Legal discuss the JobKeeper scheme and the critical role of the ATO in delivering this assistance to businesses.
 
For further reading, please refer to our insights on the JobKeeper legislation (PDF 559KB).

Dr Brendan Rynne, Chief Economist, KPMG Australia and James Stewart, KPMG National Co-Lead for Restructuring Services provide an overview of the economic and stimulus impacts of COVID 19 on Australia, and the potential options available to help preserve businesses including, suspension of insolvent trading laws, Safe Harbour and restructuring options, to protect directors during the crisis  
 
For further reading, please refer to our latest economic insights and Safe Harbour insights (PDF 205KB).

If you have any questions regarding the content of our webinars and would like speak to someone from our team please contact us.