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?
|
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?
|
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?
|
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?
|
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.
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