C-Suite Intelligence 9th April 2020

Winmark's C-Suite Intelligence service providing news, content and research to help leaders across all C-Suite functions address the exceptional business planning and management challenges they are facing.

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TOP INSIGHT



COVID-19: potential liabilities and risk management for directors and officers
 
Clyde & Co

In the current situation it is inevitable that director and officer (D&O) claims will arise, although the ultimate exposure remains to be seen. Clyde & Co have summarised some of the risks and considerations they should be taking into account.
 
A selection of risks and related management considerations is provided below, follow the link for more detail on these risks and others, including cybersecurity and health & safety.
 
Shareholder derivative claims

  • Hold regular meetings/briefings on the coronavirus crisis and take detailed minutes of decisions and action plans.
  • Continually review contingency and operational resilience plans and update as necessary as the situation develops.
  • Consider what internal or external resources may need to be brought in to help keep the board informed.

 
Investor claims

  • Consider carefully what disclosures you might need to include in your year-end accounts relating to these events.
  • Consider whether to refer to the possible impact of COVID-19 on your business in your reporting of principal risks and uncertainties.
  • Where mitigating actions can be taken, these should also be reported alongside the description of the risk itself.
  • Monitor developments and ensure the provision of up-to-date and meaningful disclosure.
  • Keep detailed records of decisions and action plans.

 
Regulatory action 

  • Similar considerations apply to regulatory exposures as to investor.
  • Be prepared to explain and justify your contingency and operational resilience plans to regulators.
  • Where FCA-regulated firms do not have an individual performing the SMF24 function, it will be for a firm to have determined the most appropriate person within the firm, who will be accountable for operational resilience. 

 

 

​​​​FURTHER INSIGHTS


A six-step plan to get ROI from AI
 
Boston Consulting Group
 
The experience of AI pioneers suggests six moves that separate the winners from the rest:
  • Integrate AI into business strategy: What are your business objectives and how can AI help you meet them? Zero in on the initiatives with the highest potential impact.
  • Prioritize revenue growth over cost reduction: AI can cut costs, and quick wins can spark enthusiasm. But the greatest value will be from revenue and growth, embedding AI more deeply into the business.
  • Take bigger risks to achieve greater impact: More companies that invest in large, high-risk initiatives see value than those focused on low- risk projects—50% versus 23%. But such risks should be part of a calculated business strategy.
  • Align AI development with its usage: AI should be designed collaboratively with business and process owners. It’s 10% about algorithms, 20% about technology, and 70% about business application.
  • Treat AI as a business transformation: AI initiatives shouldn’t exist in isolation. Among companies generating value from AI, 88% tightly link their efforts to companywide digital transformation.
  • Invest in AI talent, governance, and process change: Investing in recruiting, reskilling, and training increases the odds of seeing results from AI—as does embracing agile and robust data platforms and governance.


Economic crisis: how deep and how long?
 
McKinsey & Company
 
The statistics to measure the impact of coronavirus are arriving.

McKinsey & Company provide a useful overview of the latest data to enable us to get a handle on the duration, geographical spread and scale of intervention required as a result of the economic crisis.
 

Can your business offer support to tackle COVID-19?

GOV.UK

If so, you can use this service to tell the government how your business might be able to help, for example with:
 
  • Medical testing equipment.
  • Medical equipment design.
  • Protective equipment for healthcare workers, such as masks, gowns and sanitiser.
  • Hotel rooms.
  • Transport and logistics, for moving goods or people.
  • Manufacturing equipment.
  • Warehouse or office space, for medical use or storage.
  • Expertise or support on IT, manufacturing, construction, project management, procurement or engineering.
  • Social care or childcare.

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