The spread of Covid-19 engulfed the world in 2020 and made businesses and economies grind to a halt. It was a black swan event – its occurrence was unpredictable and its impact was unforeseeable. Given the rarity of the event, entities ranging from institutions to governments were not ready to tackle such an outbreak. As necessary as lockdowns were, they highlighted our unpreparedness for such a pandemic. As we try to limp back to normalcy, it is imperative to learn important lessons from the Covid-19 era – the primary one being how to manage Risks.
The drastic impact that lockdowns around the world caused has resulted in companies thinking about business continuity and how such a black swan event can be managed going forward. Such an event not only poses enterprise risk but also brings forth compliance issues. In order to tackle them in a structured manner, it is important that companies look at enterprise risk posed by the pandemic in its following parts:
The cause of Enterprise and Compliance Risk – Global lockdowns were a response to the risk that individuals in proximity could transmit the virus to each other. Similarly, a company needs to ascertain the factors which pose risk to its business continuity. A service-oriented company is not dependent on access to a manufacturing unit, but can it still deliver seamless solutions to clients if employees have to work remotely? Also, it needs to study aspects that can hinder it from remaining compliant with regulations. For example, if the compliance process is dependent on particular devices which a company may lose access to because of such an event, how it can reduce this dependence so that it does not miss out on deadlines.
Key events that pose risk – Lockdowns in the Covid-19 era were followed by unlocking of business activity. Companies initially found shutting their operations down a problem and then resuming operations was not easy either because of the scattered workforce. A study of such, and other events, like intermittent shutdowns, can help companies reduce their enterprise risk and keep them compliant with regulation.
Impact of an event on Enterprise and Compliance – An understanding of how an event can impact Enterprise and Compliance Risk can make a company better prepared for a similar outbreak in the future.
Control measures – After studying the factors which pose risks to Enterprise and Compliance and events and their impact on business, a company needs to devise control measures that can limit the impact of such events.
BA Fintech has a great tool known as COMPLIANCE iNBOX which can help companies mitigate the risk posed to their compliance activities. It has integrated document management which keeps your data safe and makes it convenient to share. It also has an integrated chatroom which allows stakeholders to communicate with each other and process leaders to give instructions to their employees. Other functionalities make it a great tool for companies to keep their processes compliant with the applicable regulation.
BA Fintech (a joint venture between Boston Financial Advisory Group and Avanze Group has an excellent product known as COMPLIANCE iNBOX (CiB). It is a Compliance Management software that integrates and streamlines the approach to Compliance Management. It promises timely and accurate compliance without the typical cost and hassles associated with the activity. Its Dashboard provides a comprehensive view of the status of various compliances and audit activities across an entire business on a single screen. It generates dynamic reports which present information in the form of charts, tables, and data grids which greatly simplify the decision-making process for Promoters and senior personnel and lets them focus on the core business.
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