Beyond human welfare, there are other people challenges to tackle, including how to support remote working at scale.
- Attend to immediate global mobility concerns, such as reviewing travel rules, HR policies, first-aid plans
- Assess remote working strategy, including asking employees to temporarily stop work, work remotely or relocate
- Address strains on a firm’s existing information technology and communications infrastructure in order to support remote working during the crisis
Crisis management and response
Existing business continuity plans aren't capable of handling the fast-moving and unknown variables of an outbreak like COVID-19.
- Develop incident management and scenario plans that are specific to this crisis
- Focus on factually and effectively communicating to stakeholders
- Plan on how to meet government priorities in individual countries and minimize the risk of business disruptions
Operations and supply chain
The ripple effects of the COVID-19 outbreak are difficult to model and assess, but businesses can begin to mitigate supply chain distributions.
- Identify alternative supply chain scenarios — especially as new cases of the virus emerge in different territories
- Activate pre-approved parts or raw-material substitutions
- Adapt allocations to customers and pricing strategies
Financial markets often watch how companies plan for and respond to events like the COVID-19 outbreak.
- Consider disclosures related to direct effects on the results of operations, as well as second- and third-order effects
- Think about disclosures related to risks and uncertainties about the impact of COVID-19 on future periods
- Assess disclosures on the current and future impact on liquidity and capital resources
Tax and Trade
Immediate concerns are the well-being of global employees and business continuity with customers.
- Consider immigration challenges for all nationals who are moving in and out of areas directly affected by the outbreak
- Determine whether there will be an impact on tax estimates across the board, or if issues are isolated to specific geographies
- Review long-term global presence and structure in order to reduce exposure to COVID-19 types of risks and prevent them from interrupting the business
Financial planning and analysis
As the crisis deepens, companies need accurate business intelligence to forecast scenarios and cash flows and make decisions in a rapidly shifting environment.
- Ensure you have robust forecasting assumptions to confidently determine the impacts on your business, such as changes in demand or a lockdown
- Assess your forecasting and scenario planning capabilities, including whether your tools offer enough granularity to meet the needs of different stakeholders
- Use data analytics and other data sources to enhance forecast assumptions