The speed at which the COVID-19 situation is evolving means that financial services firms are having to work rapidly to ensure that their business services can continue to operate. Effective and successful management of crises such as these is directly related to how well prepared organisations are to respond.
In light of the developing situation, we have created a suggested checklist of actions that financial services firms may wish to consider as they respond to the COVID-19 outbreak. It is intentionally not prescriptive nor exhaustive, and should be tailored to each firm’s business model and arrangements.
The checklist covers:
- Governance and the importance of assembling a proportionate but robust cross-functional response team.
- Scenario and impact planning, including a crisis response plan that deals with internal business as well as outside parties (including key vendors).
- Testing your crisis response plan.
- Communications to stakeholders.
If you have any questions or require assistance during this difficult period, please don’t hesitate to contact us. We can help build your operational resilience and assist with a broad range of advice on the impacts of the COVID-19 outbreak on your business.