COVID-19
COVID-19 (coronavirus) presents significant challenges to people and organizations around the globe and the disruption continues to evolve. It’s important that we prepare for, respond to, and ideally emerge stronger from this “new normal.”
As the international response continues, how can you prepare your organisation and respond? Tapping into the expertise and guidance of the wider PwC network, we've collated some useful information in support of your efforts to navigate these testing times.
Crisis planning
From our experience, a strongly developed crisis response capability is required to ensure the efficient management of incidents in order to minimise associated negative impacts, meet government priorities around maintenance and confidence, and to ensure the continued delivery of critical national infrastructure. Many organisations have these plans in place for the workplace and supply chain but COVID-19 has already unveiled flaws in some. Given the unknown variables surrounding the outbreak, it is important to review crisis and business continuity plans, develop different scenarios and put them to the test.
Effective communication
We are already starting to see mixed messaging on preventing the spread of the virus via the media and negativity across the general public towards others who are wrongly believed to have contracted the virus is becoming a regular news item. Proactive communication for all stakeholder groups, based on factual information, is essential to manage public perception of the outbreak, minimise misinformation and associated panic, and reduce the detrimental impact on the economy and individuals.
Workforce
Whilst the priority remains human welfare, we are hearing about other employee challenges. Examples include establishing the tax position of people who are moving between countries on an emergency basis, through to companies having to plan on putting production lines on pause due to supply chain issues, with the associated potential impact of asking employees to temporarily stop work.
Supply chain
Where clients are reliant on supply chains in affected areas, rapidly depleting stock levels are becoming a significant risk and clients are working through strategies for alternative sourcing. In certain cases, clients are showing signs of distress and stakeholders (e.g. lenders) are concerned about the future viability of the business. We are discussing different potential scenarios and what these mean for their operations, for example, as cases of viral transmission emerge in different territories.
Focus on information
From our experience with working with various organisations during the Ebola and MERS outbreaks, the lack of complete and accurate information was preventing well-considered decisions being made regarding the resources needed to control the outbreak and treat infected individuals. Capturing the correct information and verifying its reliability is vital. Reliable information underpins both crisis planning and response and allows organisations to make informed decisions.
Listen to the latest episodes of our podcast
COVID-19: Business in Focus podcast series
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Chief Technical Officer Advisory and Head of Risk Assurance, PwC Channel Islands
