Managing Compliance Risk in a COVID and Post-COVID World

Abstract

Managing risk can be complicated in the best of times, and the challenges associated with risk management become even greater when combined with the tremendous disruption caused by a global pandemic. In 2020, the world was hit by a global coronavirus disease (COVID-19) pandemic. This pandemic has created many challenges for governments, businesses, and individuals, and created new risk considerations for companies relating to workplace health and safety, privacy, security, employee oversight, and general health and wellness. In managing these new risk considerations associated with the pandemic and ensuring preparedness for future calamitous and yet unforeseen events, companies need to ensure that their own policies and processes relating to crisis management are updated to reflect our new reality. As part of this planning process, companies should consider contingency plans for various potential disasters, both natural and man-made. These plans should include a clear communication strategy, as well as guidance to employees on what actions to take in such situations. With proper planning and preparation, companies will be ready to mitigate the damage that will inevitably come with the next unexpected crisis.