Operational risk management during COVID-19
29 March 2020
Companies of all sizes have been greatly impacted by the spread of the COVID-19 virus, with many having to swiftly instigate contingency measures in order to protect their business, employees and assets.
Those firms which are permitted to continue to trade in order to support key workers and deliver key services are having to consider their contingency measures, given that they rely on the continued ability of their suppliers and service providers to support them.
Whilst COVID-19 will have already had a material impact on the way in which businesses are being run, given the daily changes to Government guidelines and support, contingency plans should be reviewed on a regular basis. Furthermore, it is likely that, for many companies, their first priority was to ensure that their business could continue to trade or, where this was not possible, to ensure that their premises were closed securely. However, there may be other matters, including legislative requirements, which businesses now need to consider and ensure they meet.