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08 June 2020

Read the latest BCI report, Coronavirus - A Pandemic Response, sponsored by ClearView and Assurance


Read the latest BCI report, Coronavirus - A Pandemic Response, sponsored by ClearView and Assurance

Assurance and ClearView recently sponsored a new BCI report which analysed the disruptive impacts that COVID-19 has had. The report is based on nearly 800 respondents, with representation from every continent, as well as in-depth interviews from senior professionals.

Key findings include:

  • Only 24.8 percent of businesses expect to 'go back to their old business model', demonstrating the huge impact that COVID-19 has had on businesses, and how organizations have had to adapt and change at rapid speed to ensure survival.
  • Many businesses have moved online, some have remodelled their supply chains, others have even started manufacturing & marketing completely new products - all examples of how organizations have had to be creative to ensure their existence post-pandemic. Even with all these adaptations, 63.4 percent of organizations are worried about their financial stability.
  • With every crisis comes opportunity, and the report highlights some of the positives to emerge from COVID-19, including more homeworking opportunities, that business continuity and resilience will receive more attention at c-suite level, significant investment in improved technology resources, and communications processes will be overhauled.

In a foreword to the report, Jon Ezrine, Chief Executive Officer, Assurance Software, Inc., commented:

"This report is an important one for the Business Continuity profession, showing where we have succeeded and where we have not when it comes to COVID-19 - our biggest ever challenge as practitioners.

"The report’s survey responses very clearly show the scale of the impact of COVID-19: less than a quarter of businesses plan to go back to their old model as we start to emerge from this initial phase of the pandemic; and as time moves on, even those who are confident that they can return to business as usual may quickly find that there is no way back to the old model for any organization.

"As the World Health Organization has been working hard to point out, COVID-19 is here to stay. It is something that society will have to adjust to: the "new normal” is not something that will be temporary.

"So, organizations will need to adapt and Business Continuity professionals will also need to adapt: to new operational circumstances, but also to a new position within the organization.

"Pre-pandemic organizations mainly operated in a world where Business Continuity awareness and management was the realm of specialists. In the new normal the board is going to want to get much more involved and CEOs are going to be asking a lot more questions about Business Continuity and Organizational Resilience. For Business Continuity managers, the challenge will be having the ability to take the esoteric language of the Business Continuity profession, to translate it for the board, and to relate it to the wider business strategies.

"Business Continuity may well become a common board role, but it will need some rebranding and rethinking to move it away from its current specialist approach.

"This report shows that Business Continuity professionals have a key role in helping their organization navigate the new landscape. This is the opportunity to show that Business Continuity is really worth the investment of time and money; this is the time to display the real value that the profession offers."

Read the report.

 

 

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