On to the new normal?

The Institute of Risk Management of South Africa (IRMSA) Covid-19 Think Tank, sponsored by LexisNexis South Africa, brought together experts from various risk backgrounds to talk about what the future will look like, what business and legislators need to consider and what level of risk could be on the horizon.

“We cannot just think of this pandemic, our lockdown and the way life has had to change as a short-term disruption before we all go back to normal,” says Graeme Codrington of Tomorrow Today Global.

Claude Baissac of Eunomix notes that there will be a need for new tools and platforms – for learning, recruitment and talent management. This will extend to the development of new policies to manage employee key performance indicators, the Unemployment Insurance Fund, culture and wellness as well as management style and performance.

“Upper level management and executives will need to take the role of governance, risk and compliance teams very seriously during this time and in the months ahead,” says Greg Brown, divisional director: legal and compliance, LexisNexis South Africa.

“From IT connectivity, cyber-security risks and business continuity management strategies to mitigating the effects of remote working, the loss of income and job losses, risk managers will need to guide their organisations through the current lockdown, and also to work to predict future scenarios and what the new normal could look like.”