Baker Tilly specialists understand your industry and how an unplanned event such as the COVID-19 outbreak can affect your organization, employees, customers and suppliers.
The coronavirus (COVID-19) outbreak is affecting both individuals who get sick as well as organizations and industries worldwide. During this uncertain time, Baker Tilly is ready to help you with practical advice on informing and supporting your employees as well as keeping your business running.
The Centers for Disease Control website is a key resource for national information on the spread of COVID-19, what you can do to protect yourself, and what to do if you get sick. While the virus has spread to all 50 states and accelerated outbreaks have occurred in several major metro areas, it is vital for organizations to monitor their local public health departments for updates on testing, quarantine, and possible limits on public gatherings.
Communication is key in a time of crisis. Your organization should identify a small, cross-functional group of people responsible for key communications to both employees and customers. Since the impact of COVID-19 is localized, but also changes daily, it’s important that this team be able to monitor news from the geographic areas specific to the organization’s employees and customers, and communicate this news effectively.
For your employees, make sure there is a central, reliable system to communicate day-to-day changes related to COVID-19. This platform may be a combination of the organization’s website, e-mail, and a 1-800 number but should be broadcast widely so employees can access relevant information easily from the office, home, or the road.
While customers and suppliers may understand that the spread of COVID-19 will impact your business, they need to be reassured that you have a plan to mitigate the impact of the virus on shipments, sales calls, customer service, or other parts of the business.
Organizations have to consider a variety of effects that the COVID-19 outbreak may have on operations, employees and customers.
Our business continuity planning checklist highlights key steps in continuity planning, including risk evaluation and business impact analysis; continuity strategy and plan development; public relations and crisis coordination needs; and awareness and training program support.
Further business continuity services include:
Download our discussion guide for questions that will help your organization assess and identify key organizational considerations in business continuity and crisis management.
While not every crisis causes harm, an organization’s response can result in major business risks. Baker Tilly can assist boards and management teams as they develop effective strategies related to COVID-19.
Baker Tilly partner Jonathan Marks notes that “companies must stress test their level of preparedness in an effort to ensure continuity of business operations and work to mitigate any potential impact, prepare for possible further disruption and from this and other possible crises.” Boards must be proactive and increase their oversight to appropriate levels, especially since during times of crisis the opportunity for fraud increases.
Baker Tilly can apply its deep experience developing strategic enterprise risk management (ERM) programs to customize solutions that will reduce the chance of loss and maintain financial stability in the wake of COVID-19 disruption.
Due to the spread of COVID-19, companies should increase monitoring of invasive cyber events, given the likely increase in hackers sending out fake emails, website links, and ransomware attacks.
Other things to consider:
COVID-19 is an unfolding and evolving event bringing uncertainty to every organization. Baker Tilly is ready to help you prioritize necessary actions and navigate your organization through these unprecedented and difficult times. We have developed specific insights and solutions to assist you in responding to volatility and building financial resilience
Financial resilience solutions:
Ann Blakely, Principal, Strategic Cloud Services
Aaron T. Brooks, MBA, Business Development & Client Relationship Executive
Monica Modi Dalwadi, Managing Partner - DC Metro Region
Simon Oddy, FCA, CFE, MCIArb, Partner, Global Insurance and Litigation Services