Business resilience is the ability an organisation has to quickly adapt to disruptions while, maintaining continuous business operations and safeguarding people, assets and overall brand equity.
The challenge to build and maintain resilience differs geographically and by industry, both of which factors can have
a significant impact. However, fundamental questions around business resilience apply to most businesses, regardless of sector and region.
The boards of all regulated businesses are required to ask various questions of themselves each year, particularly in relation to ensuring good corporate governance. The crisis has radically altered the risk environment in which all businesses operate and which all boards must consider.
The impact is such that the questions typically considered by boards have changed. Consider some of these matters and how the pre-crisis questions need to change, given the new lens though which the world should now be considered.
In addition to these changed questions, there are some key areas that require a complete rethink.
Boards also need to consider how to satisfy their regulators that their key concerns have been effectively mitigated.
It is extremely unlikely that a pandemic of similar or more dangerous nature will not recur. Now is the time to heed these lessons and ensure that we have the ability, and resilience, to adapt much more quickly. Now is the time to build future resilience. Doing nothing, given this practice run, would be tantamount to a failure to discharge duties, with the consequent risks that entails.
We recommend 3 immediate changes required in most businesses:
Aspida has been supporting clients throughout this crisis and continues to advise and support businesses as they work to shore up their defences and build their resilience. We are happy to give impartial, confidential guidance and support to boards at this time as they consider the issue of business resilience and work to build a more robust base for the future.
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