As the Australian and global economies move from the COVID-19 crisis into a ‘New Reality’ phase, a ‘BUILD BACK BETTER’ approach will be essential according to Stuart Fuller, Global Head of Legal Services, KPMG.
That will be about retaining and leveraging the lessons learned from COVID, but it will also be about developing better more flexible ways of working – and the greater use of technology and automation. As Global Head of Legal Services at KPMG International, Stuart Fuller has a broad lens on the key issues that will play out in business in the coming 12 months.
“The COVID-19 ‘Reaction Phase’ required commercial, operational and regulatory resilience,” said Mr Fuller. “Business was thrust into what we call the ‘Resilience Early Recovery Phase’ with active contract and counterparty management and a flexible approach reflecting the exercise of caution. Whilst this phase enabled some fast capital raises, it also saw slower deal execution and a high level of ‘Business As Usual’ disruption. Yet we’ve also seen employment arrangements in transition and which will be reshaped for the longer term; at the same time, there’s been a strong move to the world of virtual governance and stakeholder engagement.”
Mr Fuller says that while the short term focus will be on the need to ‘fix the issues’ from the COVID-19 period, businesses will have to manage big decisions made at speed in imperfect conditions.
“That’s where they must plan and implement resilience measures and mechanisms in three key areas, and appreciate that the business needs legal, and the legal is business,” he says. “We’re already seeing the early movers starting to consider these three: supply chain resilience, business reorganisation, and the regulatory engagement/response highlighting the role of Legal.”
KPMG Law makes ten Post COVID-19 predictions that can guide business as they look to respond to a faster more digitised way of operating and ‘Build Back Better’.
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