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Fresh opportunities popped up during the global pandemic. And with each new opportunity came a new set of risks. What risks emerge for your employees, company, and community? In this new digital era, you had to move faster than ever before. The rapid shift to work from home brought an immediate need to expand privacy and security controls across virtual environments with the rise in cyber attacks.
The disruptions extended into hiring and staffing levels. Reductions in workforce introduced operational risks, with the loss of institutional knowledge and cross-functional skills. And without being able to rehire, remaining employees were left with a higher workload.
While this crisis is different from 2008, there was still stress on cash and liquidity. Navigating changes in consumer demand and availability of external funding strained working capital. Overall, the pandemic transformed how companies operate, produce, and distribute goods. This uncovered and expanded inherent risks of supplier and consumer footprints and called for increased due diligence.
A change that is here to stay is embracing technology. But now companies have to deal with the ramifications of quick implementations and slimmer vetting. Fragmented updates to systems and processes can disrupt efficiency and the end-to-end experience. Are you ready to weather the next storm? Find out by contacting your J.P. Morgan representative.
