COVID-19 list of possible risk responses for your company, no bs

At the time of the crisis, risk community should come together and better collaborate on the risk responses our companies are doing. I’ve read so much on COVID-19 lately, most are fascinating reads, very few, if any, are practical enough to implement as an in-house CRO, so I tried to list some of the best ideas I came across.

These are actions organisations are actually taking to protect employees and the business from COVID-19. More than 221 organisations participated in the survey. 

EMPLOYEE SAFETY: How has your company changed operations as a result of the outbreak?

safety.png

Working from home
90.63%
Switched to online meetings
78.13%
Restricted non-essential travel
70.31%
Workplace disinfection
56.25%
Quarantine for people returning from holidays
50.00%
Temperature monitoring
28.13%
Keeping a sample of plant personnel at a special quarantine facility in case main workforce is compromised, providing food and lodging
9.38%
Preemptive COVID-19 testing
3.13%
Identify employees who are immune to COVID-19
1.56%

DEMAND AND REVENUE: How has your company changed operations as a result of the outbreak?

revenue.png

Check out other risk management books

The Standard for Risk Management in Portfolios, Programs, and Projects
Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management
Reviewing and adjusting sales forecasts
68.52%
Talking to key clients regularly
61.11%
Monitoring accounts receivables daily
46.30%
Running scenarios on demand and supply curves
42.59%
Offering bigger credit limits / more flexible payment terms
20.37%
Providing discounts to secure cash
12.96%
Changing commercial KPIs to encourage cash sales instead of bigger margins
11.11%
Use storage to keep produced goods in order to not slow down production
5.56%

SUPPLY CHAIN AND LOGISTICS: How has your company changed operations as a result of the outbreak?

logistics.png

Daily chats with key suppliers
66.67%
Ordering up front key raw materials
27.08%
Designing rerouting options in case of logistical hub closures
27.08%
Storing raw materials in case supply chain breaks
25.00%
In-sourcing logistics
22.92%
Daily meetings with ports, transport authorities and railways
16.67%
Out-sourcing logistics
14.58%

LIQUIDITY: How has your company changed operations as a result of the outbreak?

liquidity.png

Cost cutting
59.52%
Reducing, postponing CAPEX
52.38%
Updating cash flow forecasts daily
47.62%
Stress testing and simulating cash flow forecasts
40.48%
Improving cash collection
21.43%
Headcount reduction
21.43%
New loans
14.29%
Equity injections
7.14%

Is your company doing anything different, better, other? Please comment.

RISK-ACADEMY offers online courses

sample85
+ Buy now

Informed Risk Taking

Learn 15 practical steps on integrating risk management into decision making, business processes, organizational culture and other activities!

19,999,99
sample85
+ Buy now

ISO31000 Integrating Risk Management

Alex Sidorenko, known for his risk management blog http://www.riskacademy.blog, has created a 25-step program to integrate risk management into decision making, core business processes and the overall culture of the organization.

199,999,99
sample85
+ Buy now

Управление рисками

В этом коротком и очень увлекательном курсе, Алексей Сидоренко расскажет о причинах внедрения риск менеджмента, об особенностях принятия управленческих решений в ситуации неопределенности и изменениях в новом стандарте ИСО 31000:2018.

19,999,99

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.