COVID-19
Business recovery Andromeda Wood asks how to ensure businesses meet their deadline requirements in the world of Covid-19. Andromeda Wood Senior director of data modelling, Workiva © Getty images/istockphoto
B
usinesses are beginning to wonder what their futures will look like after Covid-19. With the help of regulatory extensions on deadlines, companies have had more time to deal with issues that arose during the first half of the year; however, it’s time to start thinking about the second half, and the years to come. Considering the regulatory changes and shifting deadlines that are set to take place over the next year, businesses need to start thinking about handling the medium to long-term impacts, as opposed to the triaging of immediate effects that they have had to prioritise in light of Covid-19. Namely, the European Single Electronic Format (ESEF) and proposals for updates to the Non‑Financial Reporting Directive (NFRD) have both been priorities for businesses coming through the Covid-19 haze. As many move out of survival mode, they’re asking: what’s next? Businesses need to think towards longer term operations and take this time as an opportunity to consider what bouncing back might look like, and how to best get back on track.
Let’s think about the long term
Most importantly, companies will need to ensure that improved resilience has been built-in across all departments, whether through process efficiencies, tech integration or improved workflow. Companies that implement sustainable, long-term solutions, instead of temporary “quick fixes”, will have longterm advantages when many of the adjustments caused by Covid-19 prove to be permanent. When considering the challenges with remote working, businesses should prepare for permanent change to the workplace as we knew it, and companies will need to create solutions to keep employees connected and keep business moving. These solutions, which are often cloud-based, have the power to reduce the risk of human error,
22
which can lead to huge fines or potential reputational damage if unaddressed, and can also improve efficiencies, allowing employees to spend more time working on what really matters – such as strategy and digital transformation. Connected technologies – like connected reporting – are a great way to ensure that businesses coming out of the Covid-19 crisis are able to operate nimbly, ensure that data is input and managed centrally, and minimise the risk of human error while maximising oversight and accountability across teams.
The regulation game
The EU recently highlighted ways that businesses can adjust in a tailored way to the effects of Covid-19 in the recent changes to the European Commission ISSUE 113 | AIAWORLDWIDE.COM
