7 Steps Your Business Can Take To Mitigate Coronavirus Risks

The COVID-19 pandemic is spreading rapidly, with new updates coming every minute. As the situation evolves, many small business owners don’t have any idea about what steps they should take to mitigate risk, protect employees and support customers. Mass quarantines, wide-scale mandated business shutdowns and massive supply chain disruption is the worst-case.

Here are 7 steps your business can take to mitigate risks in case of a coronavirus pandemic.

Follow the Law’s Advice, Warnings and Guidelines

During the Coronavirus crisis, your business will not have a choice. Soon, quarantines could be mandatory, businesses may be closed and travel will be restricted in hardest-hit areas. Health facilities will be overwhelmed, emergency response times will be reduced. Look for regular and widespread health alerts coming from local governments and if they start ramping up efforts to control the pandemic.

Establish a Remote Work Option

With plenty of people already working remotely, there are a lot of free tools business owners can use so that teams can stay in touch and keep working even if they are not in the same place. Implement a remote work policy that covers when you expect your team to be available and how to communicate. To establish a remote work option safely during this Coronavirus crisis, you can get in touch with risk consultancy in London.

Communicate, Communicate, Communicate

Keeping your employees up to date on emerging threats — and the company’s response — is very important. Use your company’s crisis communications now and an informed staff member is much less likely to panic and overreact. Employees should be encouraged to watch for signs of sickness in themselves and co-workers and know to whom they should report their concerns.

Plan For Major Supply Chain Disruptions

In response to the growing COVID-19 threat to their supply chains, some businesses have taken steps to reduce their production capacity by 10 % or more for the next few months, and delay shipments of products by weeks or months. If you need an effective plan for major supply chain disruptions, hire a professional risk consultancy in London.

Give Employees Flexibility

With the country’s complete lockdown, you will need to be flexible with your employees’ time. Some employees may have to leave unpredictably if their child’s daycare closes. Others may have students who come home from school for a spring break and aren’t able to return. Try to understand when something comes up and make sure you have a contingency plan in case you suddenly become short-handed. Hiring an experienced risk consultancy in London is the best way to create a contingency plan if you don’t know how to reduce the risk during the COVID-19 crisis.

Convey Financial Risks Posed By The Coronavirus

With the disturbance of supply chains and offices, there are real attacks to a company’s bottom line in the short and long term. Public organisations need to convey these risks to shareholders and regulators instead that the risks are developing and changing by the day.

Reduce Meetings And Travel

Try to keep opportunities for exposure to the virus to a low level. Postpone any professional meetings or hold them virtually. Skip any conferences or other planned business travel. If your employees get sick because of travel or meetings, you could have a responsibility issue. So, get in touch with a reliable risk consultancy in London for mitigation of coronavirus risks.

Re-Examine COVID-19 Risks Associated With Third-Party Suppliers

Besides the usual risks, analysts should look at risks associated with the countries their suppliers operate in, and those risks should be continuously monitored and updated. If at all possible, start searching for alternative sources for essential components in your supply chain. If you are a startup and don’t know how to protect your business from coronavirus risks, hire a reliable risk consultancy in London. By following these seven steps of risk mitigation, you will be able to mitigate the coronavirus risks. Still if you are not completely sure about risk mitigation, get in touch with Assured GRC.

Get Help From Assured GRC As a Risk Mitigator

If you are looking for a professional risk consultancy in London, get in touch with Assured GRC. Our experienced consultants have significant experience in providing information risk management for various organisations. When you get in touch with our consultants, they will help you by providing advice on the implementation of appropriate risk management processes for a variety of management standards and expertise to review past risk assessments. If you want to know more about risk management or mitigate the Coronavirus risks, contact us at +44 (0)203 4759 932 or management@assuredgrc.com today!