HOW BUSINESS CAN LOOK INTO THEIR FUTURE FOR COMPLIANCE

(New-norms, transition stage, action required, available support).

  • Introduction
  • New-norms(narratives)
  • Transition phase
  • Action required
  • Available support.

 

  • Introduction

Covid-19  outbreak is a global-health emergency that requires effective action by Government, Business and individuals, hence all must take step to minimize likelihood of transmission early enough to reduce short-term risk to employees and long-term to business and economy.

As a matter of urgency Government, Business owners, individual  need to develop business, governance and individual continuity plan, to mitigate against the impact and ensure sustenance across these three critical stakeholders operating within an eco-system all collaborating to support National economy.

  • New-norms (narratives).

Future of post covid-19 has the following new narratives.

  • Rapid work of digitalization and innovation-remote work life, pattern has triggered innovation around virtual meeting, virtual classroom, digital learning& payment, telemedicine, knowledge sharing.
  • Re-inventing supply chain-adoption of emerging, automation, supported by digital technologies such as Robotics, Artificial intelligence application
  • Rapid increase in public health awareness and civil responsibility- use of surgical mask, disinfectants, alcohol based sanitizer and maintaining social distance
  • Rapid decrease in Business travel- ref 2.1
  • Rapid increase in digital learning -increased on-line activities-webinar’s, and school online.
  • Transition phase

Post Covid-19 transition phase poised to be source of encouragement in the following ways:

  • Organization with high degree of resiliency will thrive amidst the challenge of Covid-19 pandemic.
  • Risk management system-imposed by Covid-19 will aid the development of comprehensive Risk-frame work and system-following pandemic stage-Recovery stage
  • Collaborative-effort ,this challenge will encourage regular virtual meeting between supply base and customer representatives.
  • Action required

We  expect viable organization to carry out the following essential steps

  • Cut down operation cost- primarily non-essential fixed cost and recurrent cost
  • Adopt positive cash flow and desist from purchasing fixed cost and illiquid investment
  • Front lead essentials(office consumables) to avoid impact of devaluation
  • Explore E-commerce-through Enterprise network
  • Re-negotiate short and long- term loan, with moratorium and solicit for concessionary loan and grant to improve their financial base
  • Adopt virtual workspace, utilize work from home tools, reduce non -essential work force through 3rd party related contract.
  • Support system

We will help to develop and implement action to reduce Covid-19 pandemic  risk to everyone associated with government, business, employee, customers and partners through the following initiatives.

5.1 Advocacy –public awareness to promote, understanding among public workforce on corona-virus , transmission and prevention in different  local languages with varying  specific cultural symbols.

5.2 Develop customized organization policies as it relate  to government and business to reduce transmission of corona virus

5.3 Ensure that public/ employee how to identify among themselves signs associated  with  mild symptomatic and symptomatic effect.

5.4 Proper documentation through keeping of efficient reporting system for two groups a-symptomatic and symptomatic

5.5 Negotiate comprehensive Health insurance policies with low entry premium.

5.6  Setting up of local facilities to coordinate early testing of employee/ public (corona effected)

5.7 Facilitate bulk purchase of alcohol based sanitizers, face mask and infra-red thermometer.

For more information on the above. Kindly contact  Kenny Odugbemi on 08032002585/KennyOdugbemi28@gmail.com

FOR MORE INFORMATION ON ALL FRAUD AND COMPLIANCE ISSUES FEEL FREE TO CONTACT : info@globalfraudforensics.co.uk

DISCLAIMER: Comments expressed here do not reflect the opinions of FraudXpose or any employee thereof.

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