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  • Using risk management to rethink business in a COVID-19 world

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Using risk management to rethink business in a COVID-19 world – Risk Assessment Tool

14 July 2020

The world will change as a result of COVID-19 and businesses will need to adapt. It’s essential to imagine what it will be like to operate in this new world and rethink how to position your business. Effective risk management is a core part of this analysis – an essential foundation for realising future success.

Agile and dynamic risk management helps businesses react successfully to unexpected events such as the COVID-19 outbreak, as well as building resilience during lockdown or restricted trading. It will also be essential for realising long-term business success in the “new normal” operating conditions that ultimately emerge.

Right now, risk assessment and management is vital as lockdown restrictions ease. Organisations are having to answer fundamental questions as part of return-to-work planning to ensure the health and safety of staff, customers and other stakeholders. This is essential so that, as an employer, you can confirm compliance with the Government’s guidance on managing the risk of COVID-19. It also helps you to fulfil your legal responsibility to protect staff and others from risk to their health and safety.

Effective management of return-to-work risks will also support stakeholder confidence: staff, customers and suppliers need to know you take your responsibilities seriously and are taking all necessary steps to protect your business and the wellbeing of your people. There are commercial benefits too. Effective risk assessments will help to get your business up and running as smoothly as possible.

In practice, the complexities involved in managing the challenges and risks created by COVID-19 may feel daunting. BDO’s Resilience, Risk and Business Continuity experts have created a straightforward tool to help business managers develop effective return-to-work programs in line with UK Government advice. This mobile, easy-to-use platform facilitates the gathering of information across multiple sites, with real-time dashboards showing the progress of risks and actions. Please get in touch for further information on Rhiza, our risk assessment tool, and how we can help you manage risk while rethinking your business and realising its future potential.

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