Managing COVID-19 Risks Holistically: 6 Questions to Drive Resiliency
A holistic approach to managing risk is more critical than ever right now as our economy faces significant COVID-19 related headwinds. The organizations that effectively identify, analyze, and treat COVID-19 risks stand to endure the contraction and ultimately gain market share when the economy rebounds. We hope the questions and brief commentary below positions your organization for enhanced resiliency during this unprecedented time.
Ask Yourself These 6 Questions to Drive Resiliency
1. How is pandemic risk assessment and business continuity planning guiding your COVID-19 response?
While business continuity plans are most effective when created in advance, there is still time for your organization to take action. Thoroughly evaluate the contagion’s impact on your essential colleagues, critical functions, customers/clients, and competitors to mitigate financial risk.
2. Does your comprehensive communications plan alleviate fear and instill confidence both internally and externally?
Proactive and fact-based communication is paramount to alleviate fear in your colleague base as well as external stakeholders, such as customers/clients, suppliers, and investors. Outline the steps taken to keep colleagues safe, evolve HR policies, minimize financial loss and steward external relationships.
3. Have you received counsel on how to maintain compliance with emerging employment practices risks?
As organizations respond to the crisis by pursuing furloughs, layoffs, and more telecommuting, it’s critical they receive proper employment counsel to avoid unnecessary lawsuits. The fundamental laws to remain especially mindful of right now include the ADA, FMLA, FLSA, and now the FFCRA.
4. What action plan have you put in place for mitigating cyber risk with more colleagues and vendors working remotely?
The magnitude of remote working taking place right now is dramatically impacting cyber risk for many organizations. It’s important to remain vigilant controlling social engineering risk, adhere to VPN best practices, monitor vendor exposures, and invest in vanguard cyber insurance coverage to protect your assets.
5. Will the loss control guidance you’ve received help you avoid potential lawsuits and workers’ compensation claims?
COVID-19 related casualty risks will undoubtedly vary by industry segment and organizational size. The pandemic related risk assessment should illuminate where general liability, professional liability, management liability, and workers’ compensation claims could emanate from and how they should be controlled.
6. What counsel have you received on utilizing your benefits program strategically?
Employers should be examining how they can better leverage their plan design to sustain colleague productivity as best they can. Evaluate how you can promote current benefit offerings such as telemedicine, employee assistance programs, wellbeing, disease management, and free or discounted preventative care.
BKS-Partners is closely monitoring the situation and we want to keep you up to date with the latest information that impacts your business, colleagues, and family. Visit our COVID-19 Response Resources page for more information.