The outbreak of COVID-19 has been creating a significant impact on how businesses operate.
According to a recent survey by Gartner, Just 12% of more than 1,500 respondents believe their businesses are highly prepared for the impact of coronavirus, while 26% believe that the virus will have little or no impact on their business.
This lack of confidence shows that many organizations approach risk management in an outdated and ineffective manner.
Most respondents (56%) rate themselves somewhat prepared, and 11% said they were either relatively or very unprepared. Just 2% of respondents believe their business can continue as normal, highlighting the huge range of businesses that could be affected by the outbreak.
Twenty-four percent of respondents expect little disruption, while the majority expect business to continue at a reduced pace (57%), to be severely restricted (16%) or to be discontinued altogether (1%).
Organizations often have policies in place to deal with most risks, but they don’t activate them until it’s too late because no one is owning the risk or taking it seriously until it is fully manifested. The threshold for a risk to generate executive action is often too high to enable an effective response.
Having an enterprise risk management (ERM) function in place means that an organization is more likely to see risks coming and then mitigate the impact of those emerging risks more swiftly and effectively.
By using an ERM approach to identify and prepare for those specific events – and setting up mechanisms to monitor for them – the best companies are better positioned to avoid major disruption.
At Techwave, nothing is more important to us than the safety and well-being of our employees and their families. Our employees are constantly reminded and educated about safety measures that they need to undertake in order to safeguard themselves and their families from the pandemic. Similarly, Techwave is committed to achieve uninterrupted service operations for its customers.
Techwave has a robust business continuity program (BCP) in place, that focuses on creating systems of prevention and recovery to deal with potential threats to our global operations.
Techwave’s cloud-based technology infrastructure has given it the ability to scale dynamically, including measuring effective utilization, reallocation of resources between services, and redistribution of workload load. Any increase or decrease in utilization is being addressed on an ongoing basis.
Techwave employs a security-first approach to administer exceptional and uninterrupted service delivery. Each employee, under the direct purview of his/ her manager, is held accountable for ensuring continued operational delivery and can securely administer services from remote locations.
It is sheer resilience that will keep any organization going in these trying times. We celebrate the passion and commitment of our global workforce. Techwave as an organization is trying its best to work for its employees while they tirelessly go over and above the call of their duty to support the customers!
While this excerpt provides an overview of the high-level efforts that would be taken concerning each of the impact areas, there more significant activities that relate to our business continuity efforts that are beyond the scope of this communication.
We appreciate your confidence in Techwave and strongly believe we will meet your needs to your fullest satisfaction. If there are any questions regarding Techwave’s BCP, do drop us a line at firstname.lastname@example.org.
Our team is listening.