Coronavirus is impacting economies globally, possibly permanently. Economic disruption related to the coronavirus is expected to generate more adverse global economic impacts than the 2008 financial crisis. The full extent of the damage will not be evident until after the health crisis has peaked.
The economic and financial consequences are currently under-appreciated but may last longer than the virus itself. Finding solid information about government activity in these technical areas is becoming more difficult as the news cycle intensifies. It is impossible to determine at this stage which recovery scenario is the most likely, largely because the full extent of operational and economic repercussions are not yet known. Businesses must start planning dynamically now for a range of outcomes.
#1. Understand the Information Gap:
- This is a slow-motion crisis; risks are emerging and changing on a daily / hourly basis. Hence, perform timely revision of risk appetite and risk tolerances (e.g. business continuity) as the crisis unfolds
- Get your facts right. Knowing what’s fact versus rhetoric is important
- Ability to stay current and access relevant information to fully understand the implications (regulation, legislation, statutory instruments, best practice, supply chain, scientific, investor and rating agency) – “spot signal in the noise”
- Timely and accurate communication to stakeholders. Ensuring the right information gets to the individual responsible in a timely manner
#2. What must be your firm’s immediate focus?
#3. Deploy those who are accountable to take necessary action:
#4. Define what your business needs are:
- To understand and quickly respond to stimuli which will make a significant difference to business survival or performance
- Survival of business and minimize negative impacts on profitability and valuations
- To meet regulatory requirements and legal requirements
- Minimize legal and contractual exposures
- Ensure business can continue to avail of investment and borrowings (for short term cash flow and longer-term requirements)
- Continual feedback and data insights to drive superior decision making to mitigate risks
- Consolidation and aggregation of risk factors
- Access scenarios and revise business and operating models
- Ability to claim on existing insurance policies
- Updated business continuity plans, communication plans, risk appetite strategy
- Timely and well managed external communications.
#5. How can ADAM Global help?
ADAM Global in association with Stratagem Partners has now unboxed an antidote to businesses suffering from the global outbreak. In conjunction with some of the world’s leading AI firms like Remesh, Truthsayers, BCM Strategies, SoluxR, Groupdolists, etc. we have now sprawled out a complete set of business continuity plan designed to boost your business amidst the crisis. This combination of some great Tech minds has allowed the features to be realistic, practical & most accurate with some of the features like:
•Customized APIs – deliver daily policy risk measurements and visualizations alongside access to authoritative source documents •Slack Integration – API and widgets deliver global policy risk data to individual company workspaces •Live conversation with up to 1,000 people at once •AWS cloud-based repository •AI-enabled automated risk and strategy assessments & many more…
To know more, contact ADAM Global: email@example.com, Ph: +971 (0)4 341 9701