Oxial: risk management during the coronavirus crisis

March 20, 2020

As a global business, with customers and partners all over the world, we wanted to address the main topic on the minds of individuals and businesses right now – coronavirus.

Oxial is a company that has always been supportive of flexible working. Our employees can work just as effectively from other locations as they can from the office and in accordance with government stipulations and World Health Organization guidelines, all Oxial employees are now working from home.

Safety is the highest priority in these uncertain times and we want to do everything that we can to ensure the virus does not spread and we keep our employees healthy. Our people are fully contactable in all the usual ways, or if you have any concerns or questions about Oxial and our services in this time, then please feel free to contact our CEO Eric Berdeaux directly.

The importance of operational risk management

These times of crisis really do illustrate what a challenging time it is to do business in 2020. Risk management has never been so complex, with cyber-attacks, insider threat, political uncertainty, economic turbulence and non-compliance penalties just a small sample of some of the risks organisations are facing.

We wrote in more detail about coronavirus and risk management recently, but it’s important to stress that a global pandemic is one risk that very few organisations would have planned and been ready to mitigate. That said, there are risks with some of the same consequences that could and should be mitigated.

Most organisations for example, should be prepared for the workforce to work from home, whether because of illness or damage to physical offices. Smart operational risk management is incredibly important and is about assessing each risk and making informed decisions on what to do should they arise and what resource to allocate.

Risk mapping

Technology plays an important role in this, especially with features such as risk mapping. The OxialsGRC solution is an IT GRC solution that has been designed with a great focus on risk mapping, with our experts working with each customer to plot each risk and its threat to their business.

This approach allows our customers to manage risk effectively and to make much more informed decisions about how best to approach each risk. As the coronavirus situation unfolds, this ability will be increasingly valuable.

I hope that your businesses are all managing to maintain momentum during this difficult period – keeping employees safe and making the right decisions about how to approach the ever-changing risks presented by this crisis.