As governments make significant interventions in response to the coronavirus,
businesses are rapidly adjusting to the changing needs of their people, their customers
and suppliers, while navigating the financial and operational challenges.
With every industry, function and geography affected, the amount of potential change to
think through can be daunting. We are here to help.
Today’s CEOs are faced with overwhelming, competing challenges and uncharted
waters as they continue to navigate the impacts of the COVID-19 pandemic. Out of
necessity, CEOs have prioritized the Now, focusing on supporting their people,
customers and suppliers, and orchestrating responses to supply chain disruption. In
parallel, leaders have sought to stabilize revenues and take care of customers, to
reshape their businesses to align with evolving demand and find new growth pathways.
Restructuring for global resilience
With the COVID-19 crisis, fundamental changes in consumer behavior, supply chains,
and routes to market are knocking companies off balance. Impact private market funds are already more focused on social issues than public funds, tending to have a higher allocation to sectors that have been resilient in the crisis, such as healthcare, education, food and agriculture, as well as financial services.
Renewable energy and sustainable transport are still vital in these days.
Taking a longer-term view, the question of when renewable energy would be priced
competitively with fossil fuels had largely been answered by the end of 2019—both wind
and solar are generally competitive with the lowest-cost fossil fuel generation. The
unprecedented—but likely temporary energy demand drop and low prices for crude oil
do not change this. The longer-term benefits of growth in renewable energy-related industries offer significant potential for countries to create jobs and achieve greater energy independence on top of any price and sustainability benefits, in our view.
Building technology for the strength to succeed
Even before COVID-19, many organizations faced considerable IT challenges. Now,
COVID-19 is pushing companies to rapidly operate in new ways and IT is being tested
as never before.
As businesses juggle a range of new systems priorities and challenges― business
continuity risks, sudden changes in volume, real-time decision-making, workforce
productivity, security risks―leaders must act quickly to address immediate systems
resilience issues and lay a foundation for the future.
Once we reach the other side of this pandemic, it will be important to establish longterm strategies for greater resilience and to apply lessons learned from the experience
to create a systems and talent roadmap that better prepares your company for future
Turning massive challenges into meaningful change
All industries have been impacted by the COVID-19 crisis, with varying degrees of
severity. Some have stronger defenses, while others will struggle to return to a
constantly shifting “normal.”
The implementation of new systems and procedures require enormous efforts from the
management. They need to implement appropriate internal control system to manage
the new risks.
Change management process require CEOs to regularly meet with employees, listen
them, explain them the process of change and how it will benefit them as a result, to
avoid possible resistance.
The role of internal audit, now as never before, is essential in the process of
assessment of the efficiency and effectiveness of internal control system. It is vital also
to involve internal audit in all stages of the implementation of control from the
implementation stage to closing stage of the project.