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At the time of the crisis, risk community should come together and better collaborate on the risk responses our companies are doing. I’ve read so much on COVID-19 lately, most are fascinating reads, very few, if any, are practical enough to implement as an in-house CRO, so I tried to list some of the best ideas I came across.
These are actions organisations are actually taking to protect employees and the business from COVID-19. More than 221 organisations participated in the survey.
EMPLOYEE SAFETY: How has your company changed operations as a result of the outbreak?
|
90.63% |
|
|
Switched to online meetings |
78.13% |
|
Restricted non-essential travel |
70.31% |
|
56.25% |
|
|
Quarantine for people returning from holidays |
50.00% |
|
28.13% |
|
|
Keeping a sample of plant personnel at a special quarantine facility in case main workforce is compromised, providing food and lodging |
9.38% |
|
Preemptive COVID-19 testing |
3.13% |
|
Identify employees who are immune to COVID-19 |
1.56% |
DEMAND AND REVENUE: How has your company changed operations as a result of the outbreak?
|
Reviewing and adjusting sales forecasts |
68.52% |
|
Talking to key clients regularly |
61.11% |
|
Monitoring accounts receivables daily |
46.30% |
|
Running scenarios on demand and supply curves |
42.59% |
|
Offering bigger credit limits / more flexible payment terms |
20.37% |
|
Providing discounts to secure cash |
12.96% |
|
Changing commercial KPIs to encourage cash sales instead of bigger margins |
11.11% |
|
Use storage to keep produced goods in order to not slow down production |
5.56% |
SUPPLY CHAIN AND LOGISTICS: How has your company changed operations as a result of the outbreak?
|
Daily chats with key suppliers |
66.67% |
|
Ordering up front key raw materials |
27.08% |
|
Designing rerouting options in case of logistical hub closures |
27.08% |
|
Storing raw materials in case supply chain breaks |
25.00% |
|
22.92% |
|
|
Daily meetings with ports, transport authorities and railways |
16.67% |
|
14.58% |
LIQUIDITY: How has your company changed operations as a result of the outbreak?
|
59.52% |
|
|
Reducing, postponing CAPEX |
52.38% |
|
Updating cash flow forecasts daily |
47.62% |
|
Stress testing and simulating cash flow forecasts |
40.48% |
|
Improving cash collection |
21.43% |
|
21.43% |
|
|
14.29% |
|
|
7.14% |
Is your company doing anything different, better, other? Please comment.
