Roadmap for business resilience: Developing a strategic risk-based approach to doing business
Developing a recovery plan to help you navigate the ‘new norm’ is good governance and using a risk-based approach will mean you are better prepared for whatever the future may hold.
COVID-19 has exposed new risks. From social distancing to uncertain customer demand, your risk management approach will help you manage these new risks and support your planning and next steps.
Meanwhile significant pre-pandemic risks haven’t gone away. Reassess your strategic risks, as it’s likely these will have changed or increased.
Incremental resumption of business and services is key
Don’t underestimate the impact on your culture, resources and capabilities so proceed with care and empathy. Weak data systems and unchecked risk management will set you back and potentially expose you; take time to understand the maturity of both.
We have created a Planning Framework together with a suite of tools to help you to build your approach. You can use the tools to revisit and assess your organisation's strategy and objectives and help assess the impact, risks and opportunities going forward.
Take a risk-based approach to your planning.
The following three connected and important components will help you to establish a short to medium term strategic recovery plan that considers governance, resources and the processes required to successfully execute it.
3 areas of focus
Revisit your strategic priorities and operations and consider workforce implications. For each area, ask yourself:
- What has happened?: What has the organisation learned from the pandemic?
- What is the impact?: What impacts has the pandemic had on the organisation - operations, workforce and community?
- What are the opportunities and risks?: What opportunities and risks have been identified?
4 key enablers
The review of key enablers and influences is crucial to managing the objectives set in your recovery plan. Great plans are frequently let down because these four areas have not had sufficient oversight or assessment.
Our Key Enabler checklists provide you with questions designed to help you start planning your recovery and the best use of resources.
5 strategic steps
When building your recovery plan consider the following five strategic steps:
What is your position within the market and community?
Has the business and operating landscape changed for your organisation?
What will you do and what must you do?
What elements of the plan require high priority and careful coordination?
How prepared are you?
By using the 5-P analysis and the Roadmap for business resilience tools you can identify your short to medium term priorities (Strategic Priorities) and what actions you need take (Action Plan) to start your planning (Strategic Plan and Risk Assessment) and trigger your recovery.
These tools intend to be a starting point that should be adapted to each organisation’s specific context. They may not apply to everyone and are not intended as complete advice.