Nothing will test the robustness of an organisation quite like a global pandemic. While most might assume that SMB’s are at highest risk of closures, we are seeing more and more global enterprises going into business rescue. There might be a collective sigh of relief as countries slowly allow businesses to operate once again, however, there's also a sense of worry about the future sustainability of an organisation and its safety. As many begin to look for quick ways to reduce their overheads, they must also consider what things are a necessity for the safety and longevity of the organisation.
Government's response to COVID-19
Globally, law has been a powerful weapon in the government’s arsenal for fighting COVID-19. New regulations have been published everyday across the world to help combat the spread of Coronavirus, from limiting public gatherings and controlling the use of public transport to informing businesses of their health & safety legal obligations required to return to full operation. Companies have looked to appoint COVID-19 managers and compliance officers within organisations to help cope with the new law surrounding furloughing staff and applying for support funding or debt relief. In a time like this, staying up to date with the law and having it communicated to you clearly and consistently is of top priority for any business.
Libryo’s response to COVID-19
It became clear that COVID-19 was going to affect each country differently, and that this was going to have economic repercussions globally. As a result, Libryo established a free COVID-19 Regulatory Tracker to help any business stay informed with the legal requirements and updates applicable to them in relation to the Coronavirus. In total, 232 organisations from 21 different countries have signed up to use the tracker to date. The regtech solution has tracked 806 laws globally and 8,568 sections of law directly applicable to these businesses, with 541 new operational sites being created in the system.
Understanding what’s really essential
As organisations are looking to cut costs and make those difficult business decisions, consideration should be given to the following key questions to help prioritise your mission critical functions:
- Does this protect the health & safety of my employees?
- Is the cost saving outweighed by the time saving?
- Will the business risk impact be minimal?
- Can this work, if needed, as a long-term solution?
- Will you still be able to operate as a responsible and compliant business?
So what next?
Law is always changing and as we have seen, certain events can dramatically increase the frequency of this regulatory change. Before, during and after the COVID-19 pandemic, knowing and staying compliant with the law will always be an essential function for any organisation and how it operates sustainably. So ask yourself these 2 questions:
- How has your business stayed up to date with its legal obligations during the COVID-19 pandemic so far?
- And, how will you stay informed about your legal obligations post COVID-19?
While there is no question that the Libryo COVID-19 Regulatory Tracker has been useful, it only represents a small portion of what the Libryo Platform offers, and a tiny portion of the total law published throughout the world that businesses need to comply with. To see the full capability of Libryo’s regtech solution, click here to book a demonstration.