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Risk Management
Has the business continuity plan been properly tested before being mobilised? What actions should be taken now versus in six months time, and are there alternative ways of managing risk? Independent risk assessments, crisis management planning, scenario testing, financial feasibility studies and outsourcing non-operations functions are some of the ways to help mitigate and manage an organisation’s risk throughout the pandemic lifecycle.
Pandemic stage
Business continuity plans
Pandemics can damage an organisation’s business operations, financial performance, employee health and wellbeing, supply chains, stakeholder confidence, and can even drive a company out of business. Insurance programs, though they may be able to reduce financial impact, are not always enough to protect a company.
However, by focusing on pandemic business interruption risks and strategies designed to reduce and mitigate the impact of such potentially highly disruptive risks, Marsh Risk Consulting (MRC) can help organisations improve their business resiliency and protect their brand. This can be done through:
- Supporting the identification of business critical activities and functions;
- Reviewing or developing Business Continuity Plans;
- Providing specific and detailed response guidance;
- Running scenario workshops to test and develop strategies to improve continuity; and
- Training employees on how they can understand and action the plan in the event of a pandemic (or another type of business interruption).
Liability risk management
With the outbreak of a pandemic, companies have new liability exposures that they may not have previously anticipated. Through firstly identifying and understand these risks a company can then be in a place to develop loss control and mitigation measures to reduce their liability exposures, reduce losses and protect their brand reputation.
Some of the increased liabilities that may arise due to a pandemic include:
- Liability for employees and third parties who are exposed to the virus at work, on your premises, or from coming into contact with your employees;
- Management liability, for example, in how the senior management team prepares for, and responds to an outbreak;
- Directors and Officers Liability, for example, during or following a pandemic, shareholders may file litigation alleging, among other things, a lack of preparedness for the potential effects on corporate operations and revenues.
Marsh Risk Consulting (MRC) can provide risk management advice on how to effectively control these risks and reduce their impact on an organisation.
Pandemic rapid response advisory
During a pandemic outbreak, the time for preparedness is generally over as companies strive to make decisions live as the situation rapidly develops. These decisions can have significant impacts on employees, operations, shareholders, customers and the future viability of the business.
During this period, Marsh Risk Consulting (MRC) can provide Pandemic Rapid Response Advisory. This advisory places 'boots on the ground' now to assist with developing a 30 day action plan, leading or becoming part of the business continuity / crisis management team, providing data and insights to assist decision making, drafting communications and making sure that the company has the full resources of Marsh at their disposal to get through the pandemic.
Outsourced ACC and wellbeing services
As companies seek to reduce costs and respond to the financial implications of the pandemic, ultimately a decision may need to be made around what roles are essential to ongoing operational viability and what roles or functions can be outsourced to reduce costs, but maintain functionality.
Whilst not core operational roles, functions such as injury management, return to work, workplace health and safety (WHS) and wellbeing management are still essential to ensure injury prevention and effective ACC and wellbeing outcomes. These roles can be outsourced to specialists.
Wellnz currently deliver outsourced ACC and wellbeing management services to a number of business that have realised the benefits and flexibility outsourcing arrangements can deliver. One of the key benefits of an outsourced arrangement is that you get access to a team of specialist resources with diverse skillsets and experience as opposed to an individual. Outsourced arrangements can also be more cost effective, providing employers with the ability to ramp up or down without recruiting and retraining.
We are here for you
As COVID-19 continues to affect how we all do business and interact with one another, we are committed to continue to deliver timely and relevant information to our clients and broader community. If you have any questions or would like to have a conversation about the impact coronavirus is having on your business, please reach out to your Marsh representative, or email us here.
You can also follow us on LinkedIn to stay abreast on our latest updates.