Immediate actions to assess organisational exposure to coronavirus

The rapid outbreak of the coronavirus presents an alarming health crisis that the world is coming to terms with. In addition to the human impact, there is also a significant commercial impact being felt globally.

What are the immediate actions to consider?

Protect your people and customers

• Leverage Human Resources and Management expertise to maintain employees’ physical and mental well-being, providing guidance to employees and reassessing travel policies.
• Exercise best-in-practice corporate social responsibility regarding employee stability, wider society and economy and pursuing ways to support response efforts.
• Encourage employees to work remotely and have virtual meetings.
• If the office or a worksite needs to be temporarily closed, take care to ensure employees understand corporate policies surrounding pay and benefits.
• Leverage external digital solutions to communicate with healthcare professionals and other key stakeholders from a corporate and brand perspective.

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Assess supplier risk

• Create a crisis response team to facilitate the open and consistent flow of digitally delivered information to key stakeholders, maintaining stakeholder confidence and informing customers who will be impacted.
• Establish a team to focus on supply chain assessment and risk management.
• Map urgency of sourced materials to high-value products and revenue streams.
• Review contracts with key stakeholders to understand liability in the event of supply shortage.
• Determine exposure by identifying current and buffer inventory, building tier-transparency and short-term action plans.
• Conduct a value chain assessment of other risk factors that may escalate costs, for example transportation shortages, taking proactive action to address anticipated shortages.

Manage business plans

• Revise cash flow, working capital management and inventory forecasts alongside supply and demand predictions.
• Understand how financial stability may be impacted from further stock market declines and restrictions in access to funding.
• Review organisation-wide business plans to ensure all business functions are aligned.

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