Covid-19 has caused major disruption to how businesses are able to work in the UK and as lockdown lifts, adapting to the new normal is crucial to survival for many says UK ICMIF member Ecclesiastical. The mutual specialist insurer has therefore used its risk expertise to help businesses prepare.
To help businesses develop a strategic risk-based approach to doing business and ensure they are able to cope in the “new normal”, Ecclesiastical has created a planning framework to help organisations set out their next steps as they return to work while keeping risks and opportunities at the forefront.
COVID-19 has exposed new risks, ranging from social distancing to uncertain customer demand and so it is vitally important that businesses are able to adapt to these to ensure the safety of employees and customers, says Ecclesiastical.
Although the Covid-19 lockdown has lifted in many parts of the UK and businesses are returning to work, the ongoing pandemic is still causing disruption and presenting challenges.
The plan includes a set of tools that have been designed to help businesses identify any potential impact, risks and opportunities for organisations going forward. These include checklists to look at the impact of the pandemic on the business – for example cash flow issues, whether a lack of technology has hampered delivery of service, to the challenges of keeping stakeholders informed as well as tips to support immediate changes to how an organisation works.
By reviewing existing strategies and adapting them where needed, businesses should be in a stronger position to support their long-term viability.
Sarah Pearson, Head of Enterprise Risk at Ecclesiastical, said: “In these incredibly challenging times organisations across the country have shown amazing resilience and flexibility to adapt to a new landscape, all while managing the risks associated with a global pandemic.
“While we are all still going through a huge amount of change, developing a recovery plan to help you navigate the ‘new norm’ is good governance and using a risk-based approach will mean you are better prepared for whatever the future may hold.”
The planning framework and tools are available to download from the Ecclesiastical website at www.ecclesiastical.com/business-resilience-roadmap.