11/20/2020

How Strong Companies Have Handled COVID-19

Don’t let 'COVID fatigue' disrupt your recovery plans

The COVID-19 crisis has now become, for better or for worse, “business as usual.” Despite the recent increase in cases in many parts of the world, the prospect of a vaccine becoming available in 2021 is quite rightly improving people’s outlook for the future. Over the last many months, we adjusted, cut costs, went remote, implemented new technology, bought sanitizer, masks and reworked supply chains. And now we can start to make plans for a world that is not constrained by a pandemic.

One response we’ve noticed during the pandemic, however, is a new kind of corporate fatalism about future crises that we’d warn against. COVID-19 blindsided even many of those who thoughtfully engage in enterprise risk management (ERM). Their reaction: “What’s the point?” Much risk planning, the thinking goes, was irrelevant for COVID-19 and may continue to be in today’s uncertain world. Wouldn’t it be better just to focus on agility?

A successful business will have to do both. Studying the past to quantify and mitigate future risk is critically important, but this type of traditional ERM is most effective when paired with well-thought-through crisis preparedness, cyber resilience, and business continuity planning. There is simply no substitute for having a team that is prepared to rise to the challenge when the unexpected occurs.

Please select this link to read the complete article from Strategy + Business.