{"id":5549,"date":"2020-04-16T14:50:55","date_gmt":"2020-04-16T14:50:55","guid":{"rendered":"https:\/\/crigroup.com\/?p=5549"},"modified":"2022-06-16T09:02:14","modified_gmt":"2022-06-16T09:02:14","slug":"covid19-top-risk-management-concerns","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/covid19-top-risk-management-concerns\/","title":{"rendered":"COVID-19: Top risk management concerns"},"content":{"rendered":"
The worldwide coronavirus pandemic has disrupted life in just about every word, from personal health concerns and social distancing to shelter-in-place mandates and business closures. But in the corporate world, life plods on. Critical concerns about ongoing sales and revenue, keeping personnel employed, safety issues inside the workplace, and uncertainty about the future make business leaders lose a lot of sleep these days.<\/span><\/p>\n An added element that global organisations should genuinely be concerned about is the ongoing viability of the supply chain. The pandemic is affecting different parts of the world at varying levels, so it’s vitally important to be continually vigilant in how the crisis affects your third-party suppliers and how those supply chain partners behave and maintain legitimacy in these uncertain times.<\/span><\/p>\n The healthcare industry is on the front line of the global supply chain battle, as it feverishly addresses an unprecedented demand for personal protective equipment. The shortage of PPE (Personal Protective Equipment) has forced many organisations \u2013 out of sheer desperation \u2013 to seek and purchase supplies from just about any outside source that can produce what’s needed. This panic buying has led to unscrupulous manufacturers producing and flooding the market with sub-standard products that, aside from being grossly overpriced, are putting an untold number of lives in peril. Further, the global demand for PPE has fostered rising occurrences of bad actors who see lucrative opportunities for\u00a0bribery<\/a>, tax evasion and money laundering amid crisis and confusion.<\/span><\/p>\n The pandemic has thrown many other industries into complete disarray, which will naturally open the doors for opportunists to do what’s necessary to take advantage of the situation. And suppose your organisation happens to be affiliated with these bad actors. In that case, the long-term effects can be potentially devastating, affecting the organisation’s reputation, and resulting in untrusting customers, lost business, loss of market value, decreased share price, litigation, and any number of regulatory penalties.<\/span><\/p>\n A\u00a0 Remember, your organisation is only as safe as the least protected component of your Third-Party supplier network. It’s vital to ensure adequate protection against the rising number of risks associated with the recent worldwide crisis.<\/span><\/p>\n Desperate times call for desperate measures, and these are most undoubtedly desperate times. An organisation where leadership, management and workforce do not take the third-party risk seriously will eventually suffer the consequences brought on by lack of action. And to those organisations that practice effective risk management, passive engagement in times of crisis is not enough.<\/span><\/p>\n The key to effective risk management during these times is proactivity. Asking difficult questions now can save you from answering accusatory questions later. Questions company management might immediately consider include:<\/span><\/p>\n The coronavirus pandemic has created crisis and uncertainty that we’ve never experienced. And crises are breeding grounds for bad actors who see opportunity in the midst of uncertainty. Ongoing due diligence of third-party partners in times of crisis is vital to safeguard the organisation’s long-term interests and protect it from an increasing number of outside risks.<\/span><\/p>\n If you have any further questions or are interested in implementing compliance solutions, please\u00a0contact us.<\/a><\/span><\/p>\n Based in London, CRI\u00ae Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international\u00a0Risk Management<\/a>,\u00a0Employee Background Screening<\/a>,\u00a0 We have the largest proprietary network of background screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI\u00ae Group also holds\u00a0BS 102000:2013<\/strong>\u00a0and\u00a0BS 7858:2012 Certifications<\/strong>, is an HRO certified provider and partner with Oracle.<\/span><\/p>\n In 2016, CRI\u00ae Group launched the\u00a0Anti-Bribery Anti-Corruption (ABAC\u00ae) Center of Excellence<\/a>\u00a0– an independent certification body that provides education and certification services for individuals and organisations on a wide range of disciplines and ISO standards, including\u00a0ISO 31000:2018 Risk Management- Guidelines<\/a>,\u00a0ISO 37000:2021 Governance of Organisations<\/a>,\u00a0ISO 37002:2021 Whistleblowing Management System<\/a>,\u00a0ISO 37301:2021 (formerly ISO 19600) Compliance Management system<\/a>,\u00a0Anti-Money Laundering (AML)<\/a>\u00a0and\u00a0ISO 37001:2016 Anti-Bribery Management Systems<\/a>.<\/span><\/p>\nCrisis Situations Require Enhanced Due Diligence<\/span><\/h2>\n
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