The speed and severity with which the Covid-19 pandemic has spread around the globe has sent shock waves through the corporate world – putting business resilience capabilities through their paces. Dennis De-Weerdt, Global Head of Service and Implementation, Cash Management, Deutsche Bank Corporate Bank, explores the considerations that make up an effective and resilient response.
In the wake of the peak of Covid-19, the need for firm business continuity and recovery measures quickly rose to the top of the corporate agenda. While the lessons learnt about business resilience post-financial crisis have been continuously put to the test – either by extreme weather events, growing political tensions or the volatility of commodity prices – many have still been caught off-guard by the unprecedented nature of the pandemic.
In contrast to other events, the impact of Covid-19 has not been limited by geography or sector. As the impacts have reverberated outwards, with lockdown measures and remote working becoming the norm, comprehensive business reliance plans have proved a ‘must have’ for any company that wishes to keep the lights on. But what are the key considerations that underly these measures?
Adapting to remote working
The adaptation towards a remote-working environment has been remarkably seamless and fast – with most professional service companies maintaining, or even improving, business operations and quality of work. So much so that we could even see working from home flexibility become the ‘new norm’ for many companies globally.