Top tips: Risk management basics in a time of crisis

The need for an effective business continuity plan and the development of crisis plans has never been more compelling as business needs to brace for the impact of COVID-19. This pandemic is now causing significant disruption to businesses on a global scale. The agility of our people systems and processes will be put to the test in the coming weeks and months and our ability to be agile in the short to medium term is paramount.

In the absence of the above plans, businesses still need to consider forming crisis plans and ensuring that they have a crisis team in place. Some tips to responding to this crisis are detailed below:

• Make sure that your employees are front of mind
• Determine critical functions to keep your business operational for as long as possible
• Are you able to utilise cross-skilling to fill gaps left by employees being unable to report for work?
• Examine supply-chains and look for redundancy if supplies are at risk
• Are you able to operate from another location if you are unable to access your business premises?
• Is your VPN able to cope with the added workload of people working remotely (are there work-a-rounds to assist)?
• Does the use of VPN and other communication systems provide your business with the requisite level of cybersecurity required?
• Have you updated cash flows to further identify critical periods for your business?
• Have you explored assistance from lenders, government and other sources to assist your business through this period?

Should you require any further information or assistance please do not hesitate to reach out to PKF.