Linking corporate compliance and data protection to support the response plans to COVID19

Linking corporate compliance and data protection to support the response plans to COVID19

In this article we will discuss several Data Privacy, Data Protection, IT and Cybersecurity issues for the company, including corporate cultures of trust to address the crisis and stakeholder pressure and ethics and Integrity issues in particular. Let us focus on how we can work through this challenge, and we can plan, act, and adapt to be resilient.

The Corona crisis came as a shocking surprise to all, and no organisation was prepared for it. The COVID19 virus global pandemic has given new scale and scope of risks faced by the organisation with a new layer of unpredictability. Therefore, we will focus on the compliance areas where the company is accountable and what we should all anticipate and prepare for before we return to business-as-usual mode.

The Coronavirus is the “Black Swan of 2020”, as a rare, unexpected event that probably will cause a massive impact, heavily influence global activity and could fundamentally alter the current business environment.

Trust is the glue that binds a corporate culture

Management must do what is right to avoid organisational disintegration due to the Corona crisis. All organisations in the entire world are put to a critical test due to the Corona crisis. Now is the time that the Board and Management can see the results or ensure that the trust that exists, throughout all levels of the organisation, is realised and reinforced.

There is a sharp difference between ensuring cultural cohesion and corporate chaos; therefore, we introduce this workshop to ensure that the corporate culture remains intact. Never in the 15 years that Copenhagen Compliance has dealt with the importance of Ethics and Integrity in Compliance activities, has there been a need to influence the deep-rooted corporate culture issues to be more urgent.

Whenever there is a crisis, business executives and the BoD are grappling with questions such as;

• how to keep the employees safe and informed
• how to deal with the fears and uncertainties that employees may experience
• how the above may lead them to make bad business decisions.
• Issues that relate to the disruption of business operations
• Issues that threaten to harm the company and people
• Problems that create uncertainties, and negatively impacts the performance and finances even more if not addressed

Tone-at-the-Top from the Board and Management

Management has to set up a strong Ethics, Integrity & Compliance program related to the cultural issues of Data Privacy, Data Protection and IT and Cybersecurity. The goal is to reduce the burdens of dealing with the new realities during this crisis. It is crucial to building on the secure and regular communication of the shared values. The aim is to form the base of an engaged corporate culture with an Ethics and Integrity compliance infrastructure that deals with multiple components related to the Corona crisis

• ensuring that everybody in the organisation knows how to deal with the crisis
• deploy and allocate the focus and resources to deal with the many impacts of the crisis
• comprehensive risk management and mitigation plan that deals with methods for work-at-home scenarios
• dealing with the cybersecurity risks of working from home,
• having communications and messaging to maintain employee engagement and morale
• be honest and open about what is happening, and how it is happening
• keeping the Board and executive leadership informed of the current situation.

Building trust in an organisation is time-consuming, however in this current situation management must galvanise into action to comfort all employees continue cultivating relationships across various business units, intensify personal connections and take the time to contact all stakeholders and managers with information about themselves and their teams. That should be the tone from the Board and Management.

Create the momentum by the “Tone-at-the-Top” with regards to how the Board and Management addresses the Coronavirus issues through Executive Sponsorship, Ownership, Stewardship.

The “Tone-at-the-Top” will always determine the importance of transparency, accountability, integrity and the extent of the corporate culture.

No company is going to get all of this right

In a survey some of the collective security impact of cyber risks and cyber breach was as follows: 68% was concerned on the potential disruption of business/operations, 58% were worried on reputational damage issues, and 45% mentioned data loss. All three concerns are valid under the current lockdown situation.

Therefore, address the critical component and catch up on training and awareness so that the corporate trust messages are reinforced throughout the organisation. Those messages should also look to new and relevant topics, such as challenges related to working from home, cyber threats, learning and using new technologies to conduct business, data privacy and data protection and maintaining the emphasis on all compliance activities. Even though it is work-as-unusual, but ethics and integrity components must remain constant. See our e-learning seminars and workshops www.e-compliance.academy

These are among the most unusual of times, a historical moment whose impact will extend far beyond the number of people killed or infected by COVID-19. It will be the one that will change the way we live, work, interacts, and conduct business for a period, far beyond this time of social distancing.

No company is going to get all of this right, but having faith in all stakeholders will ensure that all forward-thinking organisations will plan for what to do once this pandemic ends.