Risk Management, particularly Business Continuity Management, has come into sharp focus for senior management teams in the last 12 months. Many organisations have experienced steep learning curves in working in ‘contingency mode’ and learned important lessons on resilience.
Did business continuity planning pay off?
Around a quarter of businesses surveyed in February 2020 were only just developing their first ever business continuity plan in response to the COVID-19 outbreak, and by June 2020, 21% admitted that they still didn’t have a pandemic plan and process in place.
Organisations with a well-established business continuity capability have generally been able to achieve a swifter activation of remote work and other required contingencies.
While some BCPs required amendments, having a defined plan in place gave organisations a basis from which to define their response.
What happens from here?
After over a year of an altered working environment these include an increase in remote working (treated as the ‘norm’ where it may not have been embraced before), an increase in robotics and automation, especially in industries with a high reliance on site-based staff, and the diversification and localisation of supply chains.
As we enter the next phase of the pandemic, the decisions made by organisations will define their future – particularly decisions around managing risk and business continuity.
How Gallagher can help
We have experienced and qualified BCM specialists within our Risk Management Solutions team who can assist you in all aspects of business continuity. This can range from initial business continuity plan development, through various types of exercise, to reviews and gap analyses of mature BCM programmes.