Deloitte identified best practices of multinational corporations on how to deal with major infectious diseases through business continuity planning, emergency response and management

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Facing the epidemic situation and responding calmly, the ten things enterprises should do immediately

Responding to Epidemics – Deloitte identified best practices of multinational corporations on how to deal with major infectious diseases through business continuity planning, emergency response and management

Summary:

Deloitte provides insight into leading practices of multinational companies that had to deal with major infectious diseases related to business continuity planning (BCP) and emergency response and management. According to article, companies must have:
  • Emergency Plans – Start implementing company’s emergency and business sustainability plans, or create one by assessing risks to business and actions to be taken with regards to production planning, procurement, supply logistics, personnel safety and financial funds
  • Information Communication Mechanism – Define plan for collecting, analyzing and disseminating information about epidemic as well as business situation, with right approach to communication, such as being positive, active and consistent
  • Employee Health and Management System – Consider allowing flexible work and vacation policies, having employee health monitoring system, workplace sanitation procedure, and health education and risk prevention
  • Supply Chain Risk Response – Plan redundancies in materials, facilities and capacities across multiple countries or regions, address inventory shortages and pressures to cash flow, as well as develop strategy to prepare for rebound or recovery
  • Information Security Plan – Provide guidelines for securing information systems and protecting privacy of employee, customer or patient, and supplier data, such as through 24/7 personnel and computer room, plus real-time monitoring
  • Budget and Cash Flow Monitoring – Arrange cash scheduling according to suppliers and customers, ensuring safety of funds across different scenarios, through hedging, international trade and transport, and supplier alternatives
  • Risk Response Plan – Establish and strengthen risk management, control and response mechanism, through scenario planning, devising manuals and conducting pre-tests
To read article for free, please visit https://www2.deloitte.com/cn/zh/pages/risk/articles/ten-things-firms-to-do-in-2019-ncov.html?nc=1#
Company: Deloitte
Categories: Business operations, Cash flow and financial management, Customers, relationships and channels, People and culture, Remote work, Strategy, Supply chains

Original publication date: March 2, 2020

Date last updated: April 14, 2020