Roadmap for business resilience

Developing a strategic risk-based approach to doing business

Developing a recovery plan to help you navigate the “new normal” is good governance and using a risk-based approach will mean you are better prepared for whatever the future may hold.

COVID-19 has exposed new risks. From social distancing to uncertain customer demand, a well-considered risk management approach will help you manage these new risks and support your planning and next steps.

Meanwhile significant risks that existed before the pandemic haven’t gone away.  Now is a good time to reassess your strategic risks, as it’s likely these will have changed or increased.

Incremental resumption of business and services is key

It is necessary to fully appreciate the impact that COVID-19 has had on your culture, resources and capabilities; proceed with care and empathy as you resume your business or services.  Weak data systems and inattentive risk management will set you back and potentially expose you. Take time to assess and understand the level of maturity of both within your organization.

We have created a Planning Framework together with a suite of tools to help you to build your approach. You can use the tools to revisit and assess your organization’s strategy and objectives and help assess the impact, risks and opportunities going forward.

Planning Framework

Take a risk-based approach to your planning.

The following three connected and important components will help you to establish a short to medium term strategic recovery plan that considers governance, resources and the processes required to successfully execute it.

3 Areas of Focus

Strategy
Operations
Workforce
Establish a "New Normal"

4 Key Enablers

Fortify your response

Navigate Uncertainty

5 Strategic Steps

Incremental Resumption

3 Areas of Focus

Strategy

Operations

Workforce

Revisit your strategic priorities and operations and consider workforce implications. For each area, ask yourself:

The Business Impact Review template will help you assess the impact the pandemic has had on your organization for recovery planning considerations.

4 Key Enablers

The review of key enablers and influences is crucial to managing the objectives set in your recovery plan. Great plans are frequently let down because these four areas have not had sufficient oversight or assessment.

Our Key Enabler checklists provide you with questions designed to help you start planning your recovery and the best use of resources.

5 Strategic Steps

When building your recovery plan consider the following five strategic steps:

What is your position within the market and community?
Has the business and operating landscape changed for your organization?
What will you do and what must you do?
What elements of the plan are high priority and require careful coordination?
How prepared are you?

By using the 5-P analysis and the Roadmap for business resilience tools you can identify your short to medium term priorities (Strategic Priorities) and what actions you need take (Action Plan) to start your planning (Strategic Plan and Risk Assessment) and trigger your recovery.

These tools are intended to be a starting point that should be adapted to each organization’s specific context. They may not apply to everyone and are not intended as complete advice.

This advice or information is provided in good faith and is based upon our understanding of current law and practice. Neither Ecclesiastical Insurance Office plc nor its subsidiaries accepts any liability whatsoever for any errors or omissions which may result in injury, loss or damage, including consequential or financial loss. It is the responsibility of the Insured or any other person to ensure that they comply with their statutory obligations and any interpretation or implementation of the above is at the sole discretion of the Insured or other party who may read these notes.


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