MANAMA: KPMG in Bahrain has designed and launched an online ‘Future Readiness Assessment’ tool that will be accessible free of charge for all organisations across Bahrain.
The tool enables organisations to explore, understand and assess their business ‘Future Readiness’ across 12 critical aspects including Business continuity, Technology and security, Strategy and governance, Market and growth, Customers, Financial management, Compliance and legal, Employees, Facilities management, Health, Safety and environment, Third-party providers, and Risk management.
Beyond local market conditions the assessment also takes into consideration global best practices and provides business leaders with an elaborate perspective on future risks and challenges that might disrupt and challenge their operations, said a statement.
The Future Readiness Assessment tool (www.kpmglearninghub.com/covid19/) has been developed to support stakeholders across the marketplace, and may also highlight potential risk areas that may not necessarily be on the organisation’s risk radar during this crisis.
All participants will receive a summary report on completion of the assessment, and the firm also aims to engage and support the business leaders to better understand their reports and explore some of the areas of concern that might challenge their future resilience.
“In the immediate future, it is critical for organisations to consider business continuity, effective financial and liquidity management, prudent risk management, investment in technology and security interventions, and a compassionate approach towards people and stakeholder management,” said KPMG in Bahrain partner Jeyapriya Partiban.
“We understand that regular and rapid recalibration of people, process and policies will be required to ensure that an organisation is able to effectively engage their people and retain and develop their key skills; keep their perspectives aligned to their purpose; invest in the right solutions at the right time; proactively identify, monitor and manage their risks; and build a resilient strategy that leverages robust scenario planning.”
The firm envisages that senior management at client organisations may typically assign the responsibility to assess their planning and readiness to their chief financial officer, chief risk officer or head of IA and report back to them and the board accordingly.
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