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In today’s ever-evolving landscape, businesses must be prepared to adapt to any number of changes and challenges: economic uncertainty, changing climates, cyber risks, political shifts, regulatory changes. 

Building corporate resiliency in the face of these and other uncertainties is paramount. Instead of reacting to developments and disruptions, resilient businesses have processes in place to anticipate, avoid, and withstand them, and pivot as needed along the way.

Here are five things to consider.

1. Proactively monitor and plan for unexpected events

By utilizing data analytics and monitoring, companies can identify abnormalities and trends and address whatever arises. Implementing robust revenue protection and prediction capabilities, such as budgeting, forecasting, and financial planning, is crucial. It’s also important to develop and update business continuity, disaster recovery, incident response, and resiliency plans as needed. 

Organizations may have opportunities to further strengthen resilience by augmenting their capabilities through a shared services model, outsourcing, or bringing in or updating corporate executive experience. 

2. Implement a scalable enterprise risk management program

Understanding and categorizing risks – such as strategic, operational, financial, and regulatory – helps place them within the broader landscape. Align, consolidate, and prioritize risk management to enable clear communication and visibility across your organization. Proactively establish plans for resource allocation during economic downturns, natural disasters, or other adverse events to increase your preparedness.

3. Invest in your people, data, and security protocols

Companies can upscale, upskill, and broad-skill employees to improve efficiency, maximize performance, and manage risk. Implement internal controls that will best support your organization’s objectives and protects its interests during unanticipated scenarios. Understand what data exists within your ecosystem, how it is used, what its vulnerabilities are, and how to secure it appropriately.

4. Boost technology capabilities and create scalability

Regularly review your systems and processes for opportunities to automate to enhance efficiency, predictability, and quality. Develop backup plans: Shore up vulnerabilities in networks, operating systems, processes, and employees. Understanding the landscape of tech stack options will help you best adapt to changing client demands.

5. Prepare for the impact of an evolving compliance landscape

Create a common framework and taxonomy that addresses current and proposed regulatory obligations. Make sure your organizational structure considers critical factors like internal audit, risk management, cybersecurity, and environmental, social, and governance (ESG) factors. To help build trust and loyalty, strive to understand and align with your stakeholders’ expectations on compliance. 

Reach out to get started on implementing these strategies, to boost your company’s resilience against an evolving future and significantly improve your chances of recovery should the unexpected occur.