The answer to the COVID-19 Outbreak, Business Continuity
Weam Kamel ???? ????
I help attract the best Finance & Accounting talent to Abu Dhabi | Mid – Senior level appointments in Finance, Accounting and Investment across the Capital.
Business Continuity Management is the ability for businesses to resume providing their products or services during an incident or a crisis. This is by anticipating threats/risks and outlining plans across the organization to be implemented in protection of the wellbeing of the business, employees and customers.
A pandemic is not the only threat that businesses might face, there are countless other challenges such as wars, natural disasters, server crashes, stock market crashes and even cyber-attacks. Though it is a pessimistic approach but it’s important to plan for the worst as these very vigorous businesses will have pre-planned strategies which prevents a crisis to take them by surprise.
Business Continuity professionals work closely with Risk Management teams where solutions are based on the impact of risk on time, finances and customers. The faster these risks are anticipated and management plans are implemented, the faster the recovery and the faster a business will stand back on its “own two feet”.
It is unfortunate that such a pandemic brought to light the importance of having a “plan b” should things go wrong, however it’s better late than never to start discussing BCM as a crucial asset of any business.
I’ve been continuously speaking to my clients and candidates through this difficult time, the majority of which have had to wear multiple hats to ensure that business continues as they’ve never planned for such a crisis and are now having to come up with alternative plans. Companies who have employed or outsourced Business Continuity professionals will come out of this crisis at an advantage, the impact of the COVID-19 will be mitigated and interruptions to their business will be minimal.
Of course, some industries will take a harder hit due to this pandemic as the nature of their business won’t have a substitute such as hotels, restaurants and airlines to name a few, but regardless it’s a good time for all of us to reflect back on “how could we have dealt with this better?”
Organizations globally are now recognizing the dire need for BCM to help stir them in uncertain times with the rise of wars, natural disasters and increased cyber-attacks. Even the UAE and KSA have developed their own standard that are in line with ISO (NCEMA and SAMA BCM)
There has been a sense of reluctancy, up until recently, for organizations to invest in BCM primarily because the ROI is not immediate. However, the future of operations are always at risk and the probability of such threats to businesses are very high. The cost of business disruptions are tremendous and can damage the reputation and the entire future of an organization. This means that investing a certain amount to prevent the potential loss in revenue can prove to be worthwhile one day.
With a solid BCM system, both stakeholders and employees will have more confidence in their organization improving further their brand image. This helps address concerns by assuring all parties that the business is secure and can overcome a crisis, which usually comes with no warning. It’s an advantage you may have in the market – knowing that your business will thrive through a crisis whilst your competitors might not.
I anticipate that 2020 will be the year of resilience in the Middle East and globally as Business Continuity will be a key element in major businesses during this pandemic and even after it settles down a little.
I’m currently working on a number of appointments in Business Continuity, so if you are a professional in this area please feel free to reach out to me to discuss potential opportunities in the region.
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Senior People & Culture Professional | UAE Golden Visa holder
4 年Great article. It’s interesting to think about how business continuation planning could have minimized the business threats due to COVID. From the perspective of a recruitment consultant, how many companies have you seen hire business continuity professionals to mitigate risks?
AMBCI, Risk Manager for Business Continuity Management
4 年Great article Weam! It may be too late for some companies to effectively fight the consequences of the current pandemic. However, there are so many other scenarios for which a Plan B will be required in the future. Thanks to BCM there is a structured approach how to tackle and prepare for all these challenges. I like the thought of the year 2020 becoming "the year of resilience".
Headhunter / Career Advisor / Recruitment Consultant/ Executive Coach / Outplacements Expert / Best Recruitment Company Pharma Medical 2020
4 年Brilliant Article Weam Kamel ...great thoughts and very valuable content in the right time!
Group Chief Financial Officer (Corporate/Regional Head Quarters, FMCG, Food & Beverage, Retail, Manufacturing, Consumer Goods, Distribution, Trading, Information Technology, Health Care, and Pharma)
4 年Very important article, Weam, I can't agree more. Corporate Risk Management & Business Continuity Plan now are the most important roles in all organizations.