The Effects of Coronavirus Pandemic, And The Role Of Internal Audit Part I of II

Over the last several months, the Coronavirus (COVID-19) pandemic has had a disruptive and devastating effect on all companies and countries of the world. The disease has impacted the capital markets, our daily business, tourism and travel and our collective commercial mindset. Companies must accept, acknowledge, and find the longer-term solutions to the consequences as CORONA/COVID19 as the aftermath is here to stay even after a vaccine has seen the light of the day.

This black swan incident has still multiple unanswered questions regarding the short and long-term ramifications on organisations regardless of the trade, geography, or industry. In many articles and blogs as well as webinars, we have encouraged you to assess the possible scenarios in which the virus may impact your team, colleagues, customers, and business, holistically and collaboratively.

At the 13th annual GRC/GDPR online summit S BHASKAR, Chief Internal Auditor of Tata Capital Limited will highlight some practical considerations for the Board, Senior Management and Internal Audit leaders on how they can perform their accountability and responsibilities on the execution of their duties regarding the audit plan, how work will be done and the attention needed in managing their teams.

Identify the direct concerns

To responsibly manage the work in the changing environment, identify the challenges as the threat of the CORONA virus spreads, and companies trigger the necessary changes to the Business Continuity and crisis response plans. Start by identifying the different struggles, tensions and outlooks based on the encountered experiences and situations.

Use the following checklist:

  • The Board and Senior Management must lead and set an example by walking the talk.
  • Maintain clear and consistent lines of communication to carry out the actions to protect themselves and their families.
  • Adhere and communicate guidance from public health agencies to avoid spreading any uninformed fears.
  • Introduce an emergency check-in procedure for employees.
  • Review related protocols, and the appropriate procedures and process
  • Review departmental and organisational Business Continuity Plans

Therefore as accountable and responsible managers, we must use a different approach to solve the challenges from the above checklist as situations like this is like a Black swan circumstance that expects leaders to set direction and create confidence with all stakeholders.

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