"New Normal": Which insights international companies are adopting in their risk management
For several weeks now, the "new normal" has been in effect for dealing with Covid-19. What lessons learned from dealing with the Covid-19 pandemic are now finding their way into the risk management of globally active companies? A recent white paper from International SOS provides some insight.
Recently, International SOS, the world's leading provider of health and safety risk management services for employers and employees, published a white paper with insights on how international companies are dealing with the Covid 19 pandemic. Among other things, the information summarizes key findings from a survey regarding "returning to operations in the new normal," in which 67 experts participated. In addition, eight different experts analyzed the results and presented their own comments and best practices at a roundtable discussion via video at the end of June.
New Normal: When many things become different...
Cedrick Moriggi, Global Head of Security and Resilience at LafargeHolcim, showed how the "new normal" can look in concrete terms: He spoke directly from his home office, which was "decorated" with drawings of his children... But the seriousness of the situation began early for the globally active group: At the beginning of January, initial measures had to be taken for 17,000 employees at the Wuhan site. Subsequently, so-called "business resilience teams" were deployed in every country in which the building materials manufacturer is active. The challenge was that dealing with the pandemic was different in each country. A six-stage alarm system allowed the measures to be systematized across the Group. Cedrick Moriggi draws the following conclusions from this: The ability of industries to adapt quickly to new circumstances must be increased. And: The health of employees is more than ever a key asset. "Without healthy employees, a company is not healthy," says Moriggi.
Different industries - different challenges
As employees moved to their home offices, an additional issue arose for some companies: cybersecurity. This proved particularly challenging for a bank like Pictet, for example, as its Head of Business Continuity Management, John Dempsey, explained. Nevertheless, the increase in the proportion of home-based work proved necessary - with the inclusion of additional cybersecurity measures. Because the crisis has lasted so long, banks have to adapt to new circumstances, says John Dempsey. But he also describes the situation as "very useful for my private life.
Dealing with the New Normal
How should the "new normal" continue? Marc Vink, Head of Security at ABB, said: "It is now a matter of companies taking the lead again in implementing measures that suit them. This statement can be interpreted to mean that measures proposed by national governments often miss the mark in terms of economic reality or do more harm than good. Richard Gould, Global Head of Security & Market Safety at Philip Morris, would like to see a little more humility in the face of crises. He is skeptical about terms like "new normal. Risk managers must continue to plausibly communicate the lessons learned from crises to management. This probably means that risk management will become a central discipline in corporate management. Rob Newman, Vice President Global Security & Chief Security Officer at Firmenich, a globally active aroma manufacturer, expressed his views accordingly at the video roundtable. He says that it is now necessary to gather experience and data from this crisis and derive the necessary precautions from it.
Some key findings
Indeed, the survey conducted by International SOS revealed the following key findings:
- In the context of the post-lockdown reboot, uncertainty around the pandemic remains high. Companies need to implement agile strategies that take into account Covid-19 side effects.
- More threats to health are likely in the future. The associated so-called "infodemic" must be combated by trust in authorities, and organizations must now prepare for digitization all the more.
- Adjustments in crisis management are mandatory and must be continuously scrutinized. After-action reviews must also be conducted on an ongoing basis during a crisis.
The whitepaper with the detailed results and assessments as well as recommendations for action can be downloaded here be
