The COVID-19 pandemic represents an enterprise risk for fund managers and asset management businesses. Please contact us to discuss how Baker Tilly can help you to:
Manage risk and ensure compliance
Evolve your enterprise risk management plans and capabilities to address the current situation.
Review debt covenants for ongoing compliance.
Review fund redemption policies and project potential liquidity and cash flow needs.
Prepare your governing board to continue to fulfill its responsibilities during this time of crisis.
Work closely with fund administrators and internal specialists to consider the impact of ongoing investment valuations.
Communicate with investors and other interested parties.
Assure required accounting and reporting mechanisms are in place.
Drive business continuity
Address the integrity and cybersecurity risks of increasing investor communications.
Assess the sufficiency of your disaster recovery and business continuity plans.
Ensure that your major change initiatives (such as systems implementations) continue successfully during this difficult time by employing a “project risk review” approach.
Plan for workforce shortages because of limited contact or employee-based workforce availability.
Ensure health and safety
Identify key contingencies and protocols relative to office-related incidents and responses.
Evaluate necessary modifications to to employee wellness programs and other critical initiatives.
Develop a comprehensive crisis communication plan with clear escalation procedures and lines of authority.
Assess fiscal sustainability and asset management rigor
Develop immediate and long-term financial modeling for business continuity and net capital needs.
Identify impacts on capital projects and contracts (e.g., change orders, force majeure clause leverage), use of facilities and temporary modifications for quarantined space creation.
Determine the potential and strategy for insurance claims.