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We asked clients from 36 organisations to share their insights and experiences in dealing with COVID-19. Here are the common themes from our virtual discussions.
The sharing of experiences at any time of life is an enriching and valuable experience. In times of crisis, experience sharing is gold. A key factor in human decision-making is asking "what is everyone else doing?"
We feel safer in a pack, and we gain comfort that others are having the same or similar experience as us.
We wanted to share experiences between a group of our clients, so we held a series of client roundtables in April where we collected together groups of our clients, totalling 36 organisations across a wide range of industries, including government .
So, what were the themes in the experiences that were shared?
Some clients were surprised by how well their IT departments had coped during this crisis.
Many reported using a range of innovative techniques to keep staff and teams engaged including online coffee/drinks, Wellness Wednesdays, Friday Funnies and so on.
Many organisations are now having to consider customer hardship.
Organisations are seeing a cultural change in experiencing and knowing they can cope with a higher-paced operating model and quicker decision making.
All participants thought that there would be a longer-term change as a result of COVID-19. These included:
Some participants had identified opportunities during COVID. These include:
We hope you gain some value and insight in the above experience sharing and if you have any other anecdotes to share, please let us know.
Author of 'A Short Guide to Operational Risk', David Tattam is an internationally recognised specialist in all facets of risk management, particularly at the enterprise level. His career includes many years working with PwC, as well as two Australian banks. His achievements include the creation of the Middle Office (Risk Management Department) for The Industrial Bank of Japan in Australia and the complete implementation of all Australian operations, systems, procedures and controls for Westdeutsche Landesbank (WestLB).