Despite the humanitarian crisis caused by this pandemic many organisations’ strategic direction and corporate governance is challenged in terms of readiness to transition from the traditional way of doing business to the utilisation of artificial intelligence, however, future-orientated companies are presented with an opportunity of leverage into the 4IR era. Organisations with poor liquidity and those on the brink of bankruptcy may not recover after the Covid-19 pandemic. When a crisis hits, business as usual ceases. Many globally integrated companies with just-in-time operations had only a few weeks supply of goods already in transit when the epidemic hit, enough to provide just a short-term buffer.įrom a business resilience perspective, having a clearly defined plan in place to deal with such an unforeseen crisis is a critical component to protecting the ongoing success and viability of a business. PwC’s Global Crisis Centre also cautioned that many businesses have only a small window of opportunity to plan for what is ahead.
This lack of clarity amplifies when you move beyond company walls and examine interruption risk among the vendors who provide goods and services for the organisation’s critical functions.
Werner de Bruin, Governance, Risk & Internal Audit Leader at PwC South Africa revealed that a company’s leadership often has mixed levels of confidence about their organisation’s business interruption and continuity management capabilities.
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