The COVID-19 outbreak has, to many organizations globally, been a full-scale test of business continuity and disaster recovery preparedness. But even though the current crisis is far from over, how can you begin now to optimize your return to normal operations post-corona? And also, how can you ensure a more resilient business in the future?
The coronavirus pandemic has affected the world in ways very few could have imagined or anticipated. When talking with clients and reading various studies it’s clear that only a minority of businesses were prepared for the impact of a large-scale pandemic. The lack of confidence and preparedness shows us that risk management practices in many organizations are both outdated and ineffective.
This pandemic and its implications will eventually fade. However, the next disruptive large-scale risk scenario to be dealt with is not a matter of “if” but rather of “when”.
So, how can the current situation help companies become more future-proof?
Organizations practicing a proactive and enterprise-wide risk management are better at responding to severe risk scenarios. The better prepared a business is, with robust risk and crisis management practices in place, the more advantages it will have compared to less prepared competitors. It will also be a safer workplace for its employees; as well-prepared organizations are better off in minimizing disruption and are even managing to turn challenges into opportunities.
Below is a short example to demonstrate the difference between Traditional vs. Pandemic Business Continuity Planning (BCP).
Traditional Business Continuity Planning:
Pandemic Business Continuity Planning:
As we can clearly see, the difference between the two is profound, which makes it even more important to move from traditional risk management and crisis plans to a broader spectrum. Being truly resilient and future-proof requires your organization to prepare for any scenario, including pandemics, and ensure the capacity of individuals, teams and systems to survive, adapt and thrive, no matter what kind of disruptions they experience.
At this time, we also urge companies to actively try and think ahead. Even though it feels far away, there will come a time for “normal” business, and to optimize that comeback, businesses need a Disaster Recovery Plan on how to best return to full operation.
Below are a few things to consider:
Returning to standard operations and controls
Review of activity during COVID-19 incident period
Identified efficiencies or process improvements
The KPMG framework for Enterprise Wide Operational Resilience (EWOR) entails methods and best practices within several areas including e.g. crisis management and business continuity. We can assist you in evaluating existing operations and help you to build for the future.
KPMG can assist your organisation in evaluating the response to the COVID-19 outbreak and even more importantly taking on a proactive approach, by positioning your business to be resilient in the face of future risk events.
Want to know more about risk management, operational resilience and BCP?
Don’t hesitate to contact us:
Karin Wickström Stümer, Director Risk Advisory, email@example.com
Jennie Wallin, Enterprise Risk Management Specialist, firstname.lastname@example.org
Jodi Andersson, Operational Risk Specialist, email@example.com
Pontus Winstén, Operational Resilience Specialist, firstname.lastname@example.org