ACCA has developed a set of practical steps for organisations responding to the crisis, recommending an Act, Analyse and Anticipate approach
In times of challenge we need to act fast and robustly. Having a clear understanding of the actions that we may need to take is essential.
ACCA has developed a series of practical steps that organisations can take to respond to the current Covid-19 crisis. Dealing with the immediate is one dimension, being prepared for recovery is another.
The 10 steps are grouped into the areas that reflect the various stages of response.
- ACT and respond in a sustainable manner – focus on employees and other stakeholders as a priority
- ANALYSE the different information sources to secure your organisation and plan out different scenarios
- ANTICIPATE the future business impact and trends so that the organisation can properly plan its recovery steps and future strategy.
Each of these three phases is broken down into discrete actions. These cover a broad spectrum of areas:
- people management
- crisis management teams
- customer and stakeholder needs analyses
- cash flow management
- resilience planning
- scenario modelling
- resumption planning
- innovation in the crisis situation
- managing fundamental risks and reviewing company strategies