Three Key Takeaways From Our Business Continuity Steps for Rebounding From the COVID-19 Pandemic Webinar
1. Assess your company's current risks and understand the current environment. Remain flexible and adjust to changing circumstances, including employment rules and restrictions and local, state and national laws impacting your reopening plans and continued operations. Analyze the strength and viability of your key vendor relations and make transition plans if necessary. Keep in touch with key customers and address any vulnerabilities in your relationship. Be prepared for potential claims—both on offense and defense.
2. Focus on assessing and fortifying stability in your organization in order to build agility and resiliency. Organizational stability requires confidence in relationships both upstream and downstream. Typically, not all business issues are legal issues, but all legal issues are business issues. During a crisis, all business issues are legal issues—from human resources and finance to supply chain and crisis management. Risk management used to be delegated to a company's CFO and the audit committee, but today it’s enterprise-wide, with a common legal thread woven throughout.
3. Plan for the future by assessing your company's risk profile, which is the compilation of the most important short-term and long-term risks your company faces, and then plan accordingly. Heed Benjamin Franklin's advice that "failing to plan is planning to fail." Some smart risk management steps that companies can take to plan for the future include conducting stress tests for risks that assess your organization’s performance capabilities, conducting risk assessments with suppliers, training your team to understand and identify risks, and reviewing your insurance portfolio.