April 5, 2020

Business Operational Strategy: Sustainable Initiatives

The coronavirus outbreak is affecting businesses everywhere. The impact will be significantly different according to the industry or sector concerned. Entrepreneurs and management teams must set the overall business operational strategy to combat the effects of the virus. Of course the priority is public health and security, and we must put people first.

It is also crucial however particularly during this crisis that sustainable initiatives are taken across all levels of an organisation. We therefore recommend the following for further reading on certain initiatives that may be required by a business, particularly during these extraordinary times.

Reputation & Crisis Management

In general, there is a widespread view that it does not matter what other people think. However, at least in business it does matter significantly, particularly given that an individual or a corporation may spend many years to build an enviable reputation or substantial wealth, which may be devastated by various means in a matter of seconds.

Hence, a Reputation and Crisis Management exercise may assist in implementing the requisite precautionary measures to mitigate any potential, irreparable damage to a person or business.

Operation Process Transformation

Technology is fundamentally disrupting the way the world works. Appropriate safeguards must therefore be implemented in accordance with legal and regulatory frameworks. Our multidisciplinary teams drive the adoption of legal and regulatory requirements along with technology infrastructure and initiatives, specifically designed to focus on increased efficiency and effectiveness.

We do so by gathering input from all stakeholders and measuring overall requirements to configure available features.

Corporate Sustainability & Responsibility: How can it manage business risk?

Businesses ranging from multinational corporations to SMEs rely on the trust and confidence of their clients to succeed. There is therefore always substantial risk involved in maintaining the preference of crucial stakeholders whose requirements are constantly evolving, becoming more sophisticated.

Consequently, stakeholders need consistent engagement and commitment from businesses in line with their customers’ particular needs. It is noteworthy that transparent consultation with diverse stakeholders provides important input that informs a decision-making process.

Cybersecurity & Data Protection

In the Digital Age the threats to cybersecurity are rising day by day at an unprecedented rate. Hackers, criminals and ransomware are developing fast, hence organisations need bulletproof plans and solutions in order to sufficiently protect their data. The majority of companies under threat are in fact small-medium sized, which are actually not less exposed as most may believe. In accordance with the GDPR, personal data should be processed in a way that ensures appropriate security and confidentiality of the personal data, including for preventing unauthorised access to or use of personal data and the equipment used for the processing.

Our firm helps SMEs and large organisations in a wide range of sectors to comply with the EU General Data Protection Regulation, national legislation, and the relevant guidelines of the European Data Protection Board and the local Commissioner for Personal Data Protection.

You can explore our Insights to find more of our related publications.

How can we help?

We always have in mind the particularly demanding nature of our clients’ needs in both good and bad times and assimilate all our forces to help our clients through critical situations.

Please do not hesitate to contact us if you require further information or support on such matters.

Copyright © 2020 K. A. Kourtellos & Co LLC
K. A. Kourtellos & Co LLC is regulated by the Cyprus Bar Association
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