Navigating the Post Covid-19 Environment and Mitigating Risks
All entities face uncertainty in this a post Covid-19 world, and Maltese entities are no exception to the impact of these uncertainties. These uncertainties however present both risks and opportunities, with the potential for these entities to rise above these circumstances while protecting the interests of their stakeholders and still reaching their goals. One of the biggest challenges for management currently in the world is to determine how much uncertainty to accept and how to manage their organisations to achieve their objectives.
Since Covid-19 reached the shores of Malta in early March, it has had a huge impact on the way we conduct business, which included the loss of jobs and more reliance on automated systems, increased compliance to regulations (both operational and occupational health and safety), the decrease in the demand of services and products and issues created by working remotely (including cyber security).
On the bright side, this pandemic has highlighted the importance of collaboration between staff, the management of operational risks and corporate governance.
At RSM Malta, we have a myriad of Enterprise Risk Management, Business Continuity and Crisis Response services which can be used as tools and procedures within your entity to maximise the value when management sets strategy and objectives to create stability in these uncertain times by assessing growth-and-return goals and related risks, and efficiently and effectively manage these risks associated with a pandemic stricken industry.
These services include Risk Analysis and Assessments, Risk Officer Support and Outsourced Risk Officer role, Control Weakness Analyses, implementing Risk Management Policy & Procedures and the providing of Risk Management Training Programs.
Furthermore, due to the ongoing crisis, the Malta Financial Services Authority (“MFSA”) and the European Securities and Markets Authority ("ESMA") wants to ensure that regulated firms are responding effectively to the evolving situation. Therefore, the MFSA is encouraging and expecting regulated firms to take all reasonable measures in order to have appropriate contingency plans in place to be able to deal with any eventuality. In light of this, RSM Malta can further formulate Business Continuity and Crisis Response Plans to decrease the effects of similar scenarios in the future. Even though all the aforementioned services are an effective way of enterprise risk management, we believe it is important that an organisation identifies and assesses the risks immediately affecting such organisations and to create awareness of the management of such risks. In this regard, we will be able to offer you with the following packages in a post Covid-19 environment:
- Assist with creating a Business Continuity Plan as well as reviewing, testing and, if needs be, updating existing Business Continuity Plans;
- Comprehensive Business Risk Assessments which assist the organisations to identify, quantify and prioritise their key risks, either at an overall organisational-wide perspective or alternatively focused at a regulatory/functional level;
- Alignment of the organisations’ objectives and strategies with the processes in place to ensure they achieve and maintain the objectives;
- Facilitate the creation of a risk-aware management culture and style through training in risk management, fraud awareness, anti-bribery and corruption, and ethics;
- Streamlining of the decision-making processes to focus on an effective risk management approach;
- Implementation of a Risk Management Framework in line with international standards (ISO 31000);
- Offer advice on potential efficiencies and the need for further cost-effective controls or changes to relevant policies and procedures;
- Provide audit/assessments on the effectiveness of the controls in place to ensure the identified risks are mitigated to the desired levels.
By implementing these steps in your organisation, we can assist you to create and establish a sustainable work environment, decreasing the effects of future disasters and mitigating risks that can be detrimental to your business.
For more insights, support and additional information on a post Covid-19 business plan, reach out to us by contacting :