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The spread of COVID-19 has become a global crisis, impacting the world economy and shaking businesses. To survive, businesses need to take appropriate measures and adhere to best practices for properly responding to the crisis. According to IFC, the following tips are deemed necessary for any company’s leadership to manage this crisis:
Safeguard the EGS factors
- Protect the health and safety of employees
- Effectively communicate and comply with public local guidelines on virus prevention
- Continuously communicate with stakeholders, employees, staff, partners, suppliers on the latest updates on the impact of COVID-19 to your business
Establish Management Crisis Team
- Develop a plan for effectively managing the crisis and addressing any substantial threats
- Report frequently to the board for any impact on the workforce and the overall management of the situation
- Assign essential staff and determine which skills are most needed to manage the crisis
Control the Environment
- Ensure that internal controls such as workplace safety are guaranteed
- Ensure that the IT infrastructure is properly working for telecommuting
- The policies and procedures are respected and complied with
- Find alternative procedures for continuing with the audit work and reporting
- Conduct risk assessment for potential risks and possible implications
Ultimately, despite the heavy implications from COVID-19, businesses need to safeguard their operations through smart and pre-emptive strategies by involving every tire of corporate structure to ensure that best practices are followed. In this regard, IFC, as one of the largest global development institutions focused on the private sector development, works with their clients and partners to offer financial resources, technical expertise and global experience to help them overcome financial, operational, and other challenges.
Source: International Finance Corporation
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