Is the COVID - 19 pandemic, Business Continuity and Sustainability related ? Our 2 cents on “Yes” basket..
We were witnesses to how the pandemic brought to the fore, scenarios that the general public hadn’t perceived before. News and social media blaring images beyond health impacts. Supermarket aisles are being desolated with a lack of supplies. Labor shortages, Semiconductor shortages, Lorry driver strikes, Supply chain disruptions, and the twirl of doom’s day seemed to be growing in creativity.
For the heads bearing business continuity hats, their iris grew wider thinking of business impact analysis, interdependencies, and the resources mapping that is all falling apart due to lack of a global business continuity plan.
A global business continuity plan? Especially in a time where it’s all hands on deck, for a global pandemic plan!
The realization grew as the disasters matured from a sprint to a marathon. A marathon that brings forth the imminent need for a global culture change in its perception towards resilience and sustainability.
The initiatives of resilience and sustainability have had a tremendous push and chief among them has been the critical announcements around ESG.
Environmental, Social, and Governance considerations are crucial to what successful corporations do, as well as the critical role these enterprises play in society - providing goods, services, and employment, as well as employing their intellect to address problems.
It’s a diminishing drive to engage in business continuity conversations to comply with regulatory measures. The future tends to look at a tidal shift in the culture of societal resilience.
Let’s look at SEC's Division of Examinations this year. They are enhancing their focus on ESG-related situations. It wants to ensure that regulations match the investors' expectations and the organization’s business continuity plans, which enables the unison of policy, processes, and plans.
Beyond the frameworks, the Real-time decisions and activities are considered by ESG, Which requires the integration of ongoing, real-time data within your environmental, social, governance controls taking inputs from Business Continuity Programs.
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Enabling global business continuity plans or your organization-specific sustainability goals, is now mandatory in many markets and is expected to grow further.
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