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When COVID-19 first struck the business world in March 2020, many people described it as a tsunami
of disruption (69.2 million mentions of “COVID-19” and “tsunami” on Google, to be exact). The metaphor
was fitting in more ways than one.
When a tsunami slams into land, it hits with enormous ferocity, sweeping aside everything in its path—
similar to what happened to the world in the first weeks of the crisis.
Don’t forget what happens next, however. The wave just keeps coming.
It gushes over the shoreline first and then sweeps into the interior. It wallops structures far inland, that
never encountered the threat of a rogue wave before. When the water finally recedes, the damage left
behind is tremendous and long-lasting.
That’s the peril many companies now face from COVID-19. The initial shock of it has worn off, and
businesses have moved into some semblance of crisis operations. The risks, however, just keep coming.
Some are consequences of those first emergency measures; others are new pressures that COVID-19
will impose on businesses for many months to come.
So, what is that second phase of COVID risk? How can risk management teams adapt to that world and
develop the capabilities they’ll need to help the organization survive until COVID is gone for good?
And fifth, risk teams will need skillful regulatory change Matt Kelly is an independent compliance consultant
management, to assure that when the government or public who studies corporate compliance, governance,
health authorities do change their rules for how business and risk management issues. He maintains a blog,
must operate, your enterprise is aware of that change and RadicalCompliance.com, where he shares his thoughts on
how it will affect your operations. For example, some states business issues and speaks on compliance, governance,
and countries might relax lockdown rules at different times and risk topics frequently. Kelly was named as “Rising Star
than others, and your executive team will need to decide of Corporate Governance” by the Millstein Center for
what to do. Or, public health authorities might warn of a Corporate Governance in the inaugural class of 2008 and
new disease outbreak—which should, ideally, automatically named to Ethisphere’s “Most Influential in Business Ethics”
trigger certain procedures stated in your IDORP. list in 2011 (no. 91) and 2013 (no. 77). Matt previously
was editor of Compliance Week, a newsletter on corporate
The end goals: agility compliance, from 2006 through 2015. He lives in Boston
and resiliency
and can be reached at mkelly@RadicalCompliance.com or
on Twitter at @compliancememe.
The goal here is an enterprise that can identify and respond
to COVID-19 risks as they emerge. In other words, an
organization that has agility and resiliency. About Workiva
Workiva, provider of the world’s leading connected
We can define agility as the ability to respond quickly reporting and compliance platform, is used by thousands of
and easily, and resiliency as the ability to withstand enterprises across 180 countries, including 75 percent of
sudden shocks or disruptions. Those traits, scaled up to the largest 500 U.S. corporations by total revenue, and by
the enterprise level, will be crucial to endure the ordeal government agencies. Our customers have linked over five
otherwise known as COVID-19—because we don’t know billion data elements to trust their data, reduce risk, and
what challenges it will bring next, or when this ordeal will save time. For more information about Workiva (NYSE:WK),
pass. The stress and uncertainty this virus has brought please visit workiva.com.
upon us will be a state of life for many months.
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