Covid-19 is affecting every element of businesses, from the robustness of supply chains, to the stability of the financial markets, the availability of the labor force and the threat of rapidly waning customer demand.
In this unparalleled and unpredictable environment, the key to business survival – and to future success – is resilience throughout the entire enterprise. This includes financial resilience, operational resilience and commercial resilience.
These pillars are interdependent by multiple factors such as management information and stress testing, providing the bond that holds the enterprise together.
While businesses have been preparing for many threats over the years, a pandemic has emerged as the greatest threat to the continuity and existence to many businesses. More than ever before, the maturity of an organization's operational resilience will define whether an organization will survive and recover post the pandemic.
Therefore, organizations need to reassess risk profile on account of changes in the business environment and to predict the emerging new risks.
Under the new circumstances, which puts severe stress on the operations, organisations will need to make important priority calls.
These priority calls will include deciding which products, services and processes should be kept operational. Businesses need to understand their prioritisation criteria, what constitutes the minimum viable business model, and develop a viable recovery strategy.
The overall change will have implications over staff; involve potentially difficult discussions with customers, suppliers and the potential closure of sites and facilities. The organisations might also have legal and regulatory implications.
Evaluating the organization’s “changing risk profile” on account of the changes in the business environment / emerging new risks
Assessing your “Business Continuity Practices” by a detailed evaluation of your current business continuity practices and its effectiveness.
Assessing the security and effectiveness of your “Work From Home” practices via deploying a toolkit to define the baseline security controls.
Assessing your “Third Party Risks” by conducting a detailed evaluation of the third party arrangements supporting your critical functions.