Is an effective contingency plan ready in case of a COVID emergency?
A business needs always need a contingency plan to deal with times of disaster. The pandemic, COVID 19 made it a crisis time for every business to come to a halt globally. Ultimately, an effective contingency plan ready is the only way to deal with COVID emergencies, and making the business has to continue.
How can we make it an effective contingency plan and how can we make it even ready?
Set up and coordinated with a dedicated team
A top priority to appoint a high-level team reporting to senior management. The team should have the ability to assess and to decision making on the impact of covid-19 on the lines of the steps well defined by the relevant government authorities. The team need to ensure the following
- Make sure the team representing all the support functions like HR, purchase department, IT, recruitment, and every key department splitting across all the areas of operations and time zones(wherever applicable)
- Need to develop a relevant plant to implement a business continuity plan in consideration of relevant legal and regulatory obligations putting in place.
- Ensure to keep in place the clear internal and external protocols are maintained for regular and emergency communication with all the employees and other key stakeholders.
- The team should have the authority to monitors and responds to developments and takes advice, keeping in legal impacts
Understand and manage the impact on the workforce
You need to make sure the employees are well informed about the precautions and adhered strictly to the protocols.
- Advise staff to make travel arrangements
- Self-isolation policies are well explained and implemented
- Explains the policies to staff on the way to report to higher management in the event of finding potential Covid-19 symptoms
- Proved the staff with the right equipment and disinfectant to take care of themselves
- Plan your resources, re-allocate staff strategies, and split the teams as per the abilities and requirements.
- Insist employees for flexible and home-working arrangements considering the safety measures.
- Have proper backup arrangements in case staff unable to perform their jobs
Manage your contractual risks and obligations
Make an insight to review how the COVID-19 can affect your contractual obligations and risks
- How to consider a failure due to covid-19 as an event or default
- How to consider notification obligations concerning the possible delays or terminations.
- What impact a failed contract can make on the other contracts
- How to renegotiate the terms and conditions referring to no-waiver, termination of the agreement, or any alternative arrangements, and how to document the same
Maintaining appropriate data and documents
- You need to maintain the date and documents are well protected from disclosure in the event of dispute on legal grounds
Manage the risk on wider operations
- How effectively the online meetings can be held remotely
- Make sure all your IT disruptions are wee handled not costing them time and money
- How to address the obligations of non-fulfillment of reports basing on the covid-19 impact
- Appointing an authorized person to address the issues of elite customers and stakeholders
Conclusion
It is to conclude that COVID-19 is taking new mutations and making it a second and third generation and can even be beyond expectations., The key point to note for every business is how effectively their business can make a contingency plan ready to deal with the impact made by the COVID-19. The contingency plan remains a time tested strategy to deal with the disasters making the business run at every ODD and EVEN TIMES
