Currently, the entire world has been going through a radical change in response to the outburst of COVID-19. Social distancing as pandemic precaution affects the majority of industries, including financial institutions, the hospitality industry, manufacturing industry, to name a few.
Henceforth, many organizations will have to redefine their work culture from personal to remote and digital to ensure Business Continuity and Compliance.
When working in a digital workspace, documented resources such as manuals and policies for compliance and business continuity are outdated. Mainly because of its limited and poor accessibility.
When creating a Business Continuity Plan, the first factor is to consider digitizing your compliance policies.
Secondly, keeping them centralized – on-premise and over the cloud. This makes enterprise-wide information available instantly in case of a major disruption.
In these difficult times when there is external uncertainty, internal stability helps to ensure compliance and be resilient despite the turbulence.
Internal stability can be achieved by defining a clear decision-making process for real responses, collaboration across all business units, and seamless support from an effective Business Continuity Management solution.