Considering Business Continuity in the World of COVID-19
Author: Lynn Fountain
||1 hour for CPAs
As the world and all organizations continue to work through the issues created by the COVID-19 crisis, it is essential for the life of our economy that corporate and business leaders pro-actively develop processes to enable them to effectively react to the critical business impacts being seen and felt all over the world. If the economy is to recover and stabilize, business must not just react, but also establish plans to “return to our new normal”. What is the new normal? Day-by-day that is changing, but just like any other business continuity process we must learn how to adapt and react.
All companies deal and consider business continuity issues, but the current Pandemic has created a whole new level of concerns related to the issue. We still have concerns over systems continuity, and business operations, but all of a sudden the risks surrounding the supply chain, cyber security from work at home issues, unemployment and furloughs have crept into the topic. The wave of “work-at-home” and quarantine times will make the effective handling of business continuity more difficult.
Join Lynn Fountain as she focuses on certain priorities that organizations should consider to protect their businesses and help the economy recover. Those issues span management of human resource issues to balancing corporate liquidity and working with the supply chain.
Publication Date: March 2020
All professionals in business.
- Safe Harbor
- Managing people and human resource concerns
- Working with the supply chain
- Balancing corporate liquidity
- Understanding governmental, legislative and community requirements
- Examining needs for open, relevant and timely communication with stakeholders
- Information technology issues
- Recognize how to manage people and human resource concerns
- Identify how to work with the supply chain
- Describe balance corporate liquidity
- Identify governmental, legislative and community requirements
- Recognize how to examine needs for open, relevant, and timely communication with stakeholders
- Identify stages of business impact analysis and the impact of the pandemic
- Recognize correct statements with respect to the stimulus bill
- Identify business recovery process with respect to corporate liquidity
- Recognize a process for protecting people by managing HR?
NASBA Field of Study
Business Management & Organization (1 hour)