With the global impact of Covid-19 (Coronavirus) disrupting supply chains to the global economy, it may be increasingly difficult for business owners to navigate through this new reality. In the face of a pandemic, it is important for businesses to assess and manage the risks that may arise from workplace safety to financial distress. Below are some examples of measures businesses should consider when managing risk:
COVID19 workplace risks
- Control the risk of transmission through safe COVID19 workplace practices;
- Encourage and enforce high hygiene practices within the workplace;
- Provide adequate hand sanitizers within the workplace;
- Ensure employees are adequately spaced apart (the recommended distance is one employee per 4 square metres);
- Provide hand sanitizers and masks to employees who catch public transport;;
- Ensuring proper processes are in place for cleaning shared spaces, tools or equipment.
Cyber risks
- Ensure remote access systems are fully patched and secure;
- Ensure that you are making regular backups of your system;
- Ensure you have appropriately trained professionals who can respond to cyber attacks;
- Ensure you have on-site security controls are still applied to remote usage systems.
Business operational and financial risk
- Conducting a regular cash flow analysis and forecast to ensure you are on top of all your debts;
- Consider developing a restructuring plan, such as a plan to optimise operational costs;
- Identify key threats to your supply chain and prepare for them;
- Have a disaster recovery plan as a backup; and
- Check the readiness of infrastructures and systems on handling a large number of employees working remotely.
We recognise that these are uncertain and challenging times for your business. If you would like more information on managing risk or what options are available to reduce financial distress then please speak to one of our professional and experienced advisors from CRS Insolvency Services. Contact us on our 24 hour advice hotline on 1800 210 073.