Monticello consultants participated in virtual training on Enterprise Resiliency and Business Continuity Planning (BCP) across the last several weeks. Building and maintaining a resilient enterprise requires a careful assessment of various components including employee wellbeing, technology and information security, financial health, and inherent risks.
The COVID-19 outbreak has impacted industries and firms in very different ways – mobility dependent businesses (e.g. airlines, restaurants, theme parks, etc.) are suffering a great deal, while the leading technology companies (e.g. FANG, Nasdaq 100) are gaining as a result of their digital focus. All companies should perform post-mortem assessments of their COVID-19 responses and incorporate their idiosyncratic lessons-learned into their BCP frameworks and ensure that their playbooks are tested on a regular basis. Undoubtedly, companies with a robust people culture and dynamic IT capabilities will emerge stronger from this crisis compared to their competitors.