13 March 2020
In the past few months we have faced bushfires, floods and now COVID-19. These events are a reminder that organisations should review or put in place strategies and policies to protect their people, clients, operations and the wider community in which they operate.
COVID-19 presents many risks including:
- Health and safety obligations from working from home
- Possible workers compensation claims
- Business continuity challenges arising from economic dependencies
- Threats to meeting covenants or other contractual obligations.
Here are 10 questions every organisation should consider to prepare for COVID-19:
- Do you understand the impact of COVID-19 on your organisation and your people?
- Do you understand the Government’s health guidelines that apply to you and your community expectations?
- Do you understand your rights and obligations - as an employer or an employee, as a supplier or a customer?
- Do you have a Business Continuity Plan or Coronavirus Response Plan? Has it been tested and are you comfortable it meets today’s challenges? Did the Business Impact Assessment supporting your Business Continuity Plan identify Pandemic as a key risk?
- Who is ‘responsible’ for your organisational response to COVID-19?
- Are your staff informed and will they act with clarity and purpose? Containment relies on staff and others who engage with your business acting in the best interest of others. Have you trained and educated your staff on your response plan and your expectations?
- Do you have clear positions in relation to travel, gatherings, hygiene measures and practices and containment?
- Do you understand if and how your insurance protects your business?
- Are you keeping personal health information private?
- Does your Board understand your COVID-19 Response Plan today?
These questions are designed to help you understand your organisation’s exposure and create a call to action. If you’re unsure of some of the answers, the team at Findex can assist in the short-term by helping you to:
- Develop and implement your response plan
- Review your organisation’s insurance
- Review your cashflow and debt management
- Undertake a Risk Assessment or Business Impact Assessment
- Review your Business Continuity Plan
Please reach out to your Findex Adviser if you have any questions or require assistance.
Findex has developed a Government Stimulus Health Check and free Business Wellbeing Toolkit to help businesses manage potential risks and take full advantage of eligible stimulus assistance. Book your Health Check here.
Findex Advice Services NZ Limited trading as Findex.
The views and opinions expressed in this article are those of the author/s and do not necessarily reflect the thought or position of Findex Advice Services NZ Limited.
The information contained is of a general nature only and does not take into account your objectives, financial situation or needs. You should consider whether the information is suitable for you and your circumstances. Before you make any decisions you should seek professional advice before acting on any material.