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Command center | Thrive: Prepare for the next normal
Crisis management & resilience planning
Being proactive during disruption
Although the full impact of COVID-19 is still unknown, many organizations are being impacted by declining sales and reduced consumer demand, supply chain disruptions, and transport restrictions. These issues will have a domino effect on global markets with the escalating risk likely to impact those not yet directly affected by COVID-19. These companies need to consider their pandemic preparedness measures and be proactive and prepared. This article focuses on risk identification and organizational exposure; identifying critical dependencies; and how to develop pragmatic and effective crisis and resilience solutions.
Topics covered in this article:
- Assessing the impact of a crisis on employees, assets, operations, stakeholders, and reputation
- Understanding and managing risks in a time of disruption
- Practical steps in developing a proportionate crisis and resilience response plan
Using economics to understand the impact of COVID-19
Assessing how the crisis may unfold
Notwithstanding the UN trade agency estimates that COVID-19 is likely to cost the global economy $1 trillion during 2020, it is difficult to assess at this stage what the actual economic impact might be. There is, however, a demand for comment on the current economic impact of the outbreak and expectations for the future at a macro level as well as at the level of individual organizations. This article discusses the larger economic questions companies should be considering and what economic capabilities they can use to answer them.
Topics covered in this article:
- Economic questions that need to be top of mind for organizations, such as what scenarios are there for future growth, how will the crisis impact global supply chains, and what kinds of government interventions can help the economy.
- What kinds of economic tools companies can use to assess how the crisis may unfold, including scenario planning and historical data and patterns.
- The role fiscal and monetary policies can play in economic recovery.
