The times are very challenging and present several uncertainties for the future. Individuals, businesses and nations are currently in panic mode. While certain people and organisations are preparing themselves for change, others might be careless or outrightly unprepared for the modifications that are bound to occur as a result of the challenges associated with managing the Covid-19 pandemic.
Stress testing for individuals, organisations and nations becomes unavoidable, as we have all been thrust into emergency survival mode. Stress testing can be described as Scenario Planning; which is used to ascertain the ability of an organisation to carry on operations amid unforeseen circumstances, such as we face now with the Covid-19 pandemic, and also develop mitigation strategies against identified risk areas.
The issue is, how can you pass this stress test?
The figure above shows how one can pass this stress test.
At every level within the organisation, to ensure continuity and effective sustainability, clear communication and actions focused on operational, financial, and reputational stress test outcomes are vital factors that must be gauged frequently.
This will require a lot of rigour, executive time, and management in the bid to keep the organisation running. There should be daily check-ins to review actions and appropriate communications by organisational leaders.
Please keep safe and watch your level of stress in this traumatic period.
Written by:
Olawanle Moronkeji
Associate Partner
