The impact of the pandemic on business has been enormous, with over 100,000 small companies having permanently shut down in the US in response to it. Similarly, the virus‘ effect in China early in the year resulted in massive drops in industrial production, resulting in broken supply chains around the world.
With the threats imposed by the pandemic continuing, and the possibility of additional waves of infections still present, business continuity plans need to be updated to consider new risk scenarios. As a result, organizations should carefully examine their suppliers to check the impact of disruptions to international trade, and look into what additional tasks could be handled remotely.
Leaders within organizations also need to push toward emphasizing risk awareness within their workplace culture, to ensure employees are focused on identifying and reporting potential threats to the smooth operation of the business.
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