Coronavirus (“Covid-19”) poses challenges for businesses. Since Compliance is intended precisely to address business risks and crisis situations, it is advisable to implement Compliance best practices to face the unusual business circumstances related to Covid-19.
Below is a list of matters that should be taken into account.
Communication Channels
- Designate at least one contact person in the company for communication with authorities, personnel and business partners to attend to matters relating to Covid-19. Maintaining open communication channels is essential in times of crisis.
Health Risk Management
- Regularly review and comply with the instructions and recommendations of the Public Health Ministry. Employee health must be the main concern for every company.
- Identify the geographical areas where the company operates to determine the level of exposure of personnel to Covid-19 and the consequences of possible quarantines, total or partial suspension of operations, infected staff or infected persons in close contact with them.
- Restrict business travel to what is strictly necessary in order not to put employee health at risk. Technology may be used to conduct business remotely.
Business Risk Management
- Identify the company’s key positions necessary to sustain operations. Develop plans to ensure the appropriate performance of work by those persons including remote work, replacement of key staff and re-evaluation of scenarios.
- Consider the different labor issues that may arise in case of spread of Covid-19 including overtime pay, absence of quarantined personnel, and managing the care of infected staff and/or infected persons in close contact with them.
- Analyze the rights and obligations that may arise for the company as a result of Covid-19 in its relationship with suppliers and clients/customers and with respect to insurance.
Prevention of Corruption
- Consider reassessing business expectations so that the sales force will not be compelled to use wrongful mechanisms to meet sales targets.
- Strengthen communication with personnel and business partners in connection with the company’s anti-corruption and integrity policy. Clear instructions should be provided on how to act, even in critical moments, including the duty to report situations that could put the company at risk. Senior and mid-level management should be active and lead by example to face the risks posed by Covid-19.
Editorial Board
