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Crisis situations magnify organizational challenges – illuminating both known and unknown threats. In the midst of the COVID-19 pandemic, small and medium size businesses are crumbling and many do not have a business continuity strategy.

Data suggest small businesses will experience the greatest business impacts, with millions closing permanently. The devastating impact on revenues, unemployment, and the disruption it has on the supply chain ecosystem has a ripple effect on the customers small businesses serve.

While grants and other funding sources are critical for small businesses currently, they will not yield long-term business viability.

  • What resources are available to help small businesses to be better prepared for the next major disruption?
  • How are small businesses identifying known and unknown threats to strengthen risk mitigation efforts?
  • How are small businesses leveraging the lessons learned from COVID-19 to build sound business continuity and crisis management strategies?

Business owners will design and develop a risk management program, to include:

  • Governance – Develop a charter and framework to communicate the story of risk
  • Policy – Provide a customizable risk policy for employees, suppliers, and board members
  • Process – Provide a risk management process
  • Tools – Provide risk tools and train participants on their use (risk register and risk dashboard)
  • Culture – Provide a risk culture survey
  • Validation – Provide a risk management self-assessment to evaluate progress over time