Abstract:Crises affecting societies at a national level have regularly highlighted the importance of societies being prepared and resilient. There is a lack of standardized and proven procedures to ensure continuity of vital societal functions at a national level, as demonstrated in the recent COVID‐19 pandemic. This article investigates how the methodology of business continuity management (BCM) can be used at a national level to increase resilience and societal safety. The article shows that a societal safety approac… Show more
“…Black SMEs are highly susceptible to risks in the external environment, as evidenced during COVID-19 (Hsiao et al, 2022;. This requires a comprehensive understanding and risk identification relating to Black SMEs so that a proper resilience approach can be identified (Jaroslav et al, 2014;Tómasson, 2022). The sustainability of Black SMEs is vested in the ability to manage the internal and external risk environments and effectively respond thereto (Gentjan et al, 2019;Hock-Doepgen et al, 2021).…”
Section: Literature Reviewmentioning
confidence: 99%
“…Therefore, risk management cannot be done in isolation; it must consider various other factors that may give rise to other risks adversely impacting the resilience of Black SMEs. Comprehensive risk management is essential for a holistic approach to building resilience (Tómasson, 2022).…”
The research identifies risks (and response to this) that Black-owned Small and Medium Enterprises (SMEs) in the automotive industry face in South Africa. The context is a business environment affected by the COVID-19 pandemic. Semi-structured interviews were used for the study with a sample of 11 businesses (6 micro-businesses and 5 small businesses). All the businesses were based either in the Gauteng Province or Eastern Cape Province of South Africa. Thematic analysis was used to analyze the collected data. The findings highlight the vulnerability of Black SMEs in the face of the Covid-19 pandemic through a set of factors inherent in the business environment. The participating Black SMEs narrated their response to the shocks created by the identified set of factors. The findings of the study provide vital information for policymakers, business leaders, and other stakeholders, to create contingencies, policies, and frameworks necessary to support small businesses.
Keywords: Small Business; Risk; Covid-19; Automotive Industry
“…Black SMEs are highly susceptible to risks in the external environment, as evidenced during COVID-19 (Hsiao et al, 2022;. This requires a comprehensive understanding and risk identification relating to Black SMEs so that a proper resilience approach can be identified (Jaroslav et al, 2014;Tómasson, 2022). The sustainability of Black SMEs is vested in the ability to manage the internal and external risk environments and effectively respond thereto (Gentjan et al, 2019;Hock-Doepgen et al, 2021).…”
Section: Literature Reviewmentioning
confidence: 99%
“…Therefore, risk management cannot be done in isolation; it must consider various other factors that may give rise to other risks adversely impacting the resilience of Black SMEs. Comprehensive risk management is essential for a holistic approach to building resilience (Tómasson, 2022).…”
The research identifies risks (and response to this) that Black-owned Small and Medium Enterprises (SMEs) in the automotive industry face in South Africa. The context is a business environment affected by the COVID-19 pandemic. Semi-structured interviews were used for the study with a sample of 11 businesses (6 micro-businesses and 5 small businesses). All the businesses were based either in the Gauteng Province or Eastern Cape Province of South Africa. Thematic analysis was used to analyze the collected data. The findings highlight the vulnerability of Black SMEs in the face of the Covid-19 pandemic through a set of factors inherent in the business environment. The participating Black SMEs narrated their response to the shocks created by the identified set of factors. The findings of the study provide vital information for policymakers, business leaders, and other stakeholders, to create contingencies, policies, and frameworks necessary to support small businesses.
Keywords: Small Business; Risk; Covid-19; Automotive Industry
“…Evaluating the business continuity and contingency plans of these vendors is essential to ensure that operations can continue seamlessly even in the face of disruptions. This involves a thorough examination of their strategies for maintaining service levels during unforeseen events, such as natural disasters, technological failures, or other crises (Riglietti, Piraina & Trucco, 2022, Tómasson, 2023, Uddin et al, 2022. The comprehensive nature of planning involves envisioning and preparing for disruptions caused by various factors.…”
Section: Comprehensive Business Continuity and Contingency Planningmentioning
This paper conducts a comprehensive review of third-party risk management practices tailored to the unique context of superannuation organizations, with a specific focus on accounting and cybersecurity domains. Recognizing the critical role of third-party relationships in the operational landscape of superannuation entities, the review explores best practices aimed at mitigating risks associated with outsourcing accounting functions and fortifying cybersecurity defenses. In the accounting realm, the paper delves into the challenges and opportunities posed by third-party engagements, emphasizing the importance of thorough due diligence, contractual clarity, and continuous monitoring. Drawing insights from industry cases and proven methodologies, the review outlines strategies to enhance transparency, accountability, and compliance when outsourcing accounting services. Simultaneously, the paper addresses the burgeoning cybersecurity risks faced by superannuation organizations in an increasingly digital landscape. It investigates the role of third-party vendors in introducing potential vulnerabilities and advocates for a proactive approach to cybersecurity risk management. The review scrutinizes best practices in vetting, monitoring, and collaborating with third-party vendors to fortify cybersecurity protocols, emphasizing the need for alignment with regulatory standards. Ultimately, the paper provides superannuation organizations with a comprehensive guide to navigating the intricate terrain of third-party risk management. By synthesizing insights from accounting and cybersecurity perspectives, the review equips organizations with actionable strategies to cultivate resilience, safeguard member interests, and contribute to the long-term stability of the financial sector.
Keywords: Third-Party, Risk Management, Superannuation, Cybersecurity, Accounting
“…In this view, practitioners can operationalize the proposed framework by defining a set of tasks, milestones and metrics through which implementing and monitoring the overall BCM process and infrastructure are possible. This would realize a fundamental shift that sees transformed the traditional postemergency responses into preemergency activities (Tómasson, 2023), thus making organizations more prepared for transformations and systemic changes (Sánchez & De Batista, 2023). More specifically, the concept of probability that is crucial in managing known risks is complemented by the role that knowledge (and lack of knowledge) plays for realizing and comprehending the aspects related to risks (Aven, 2017), which essentially characterize the resilience of organizations.…”
Section: Conclusion and Future Developmentsmentioning
confidence: 99%
“…In this view, practitioners can operationalize the proposed framework by defining a set of tasks, milestones and metrics through which implementing and monitoring the overall BCM process and infrastructure are possible. This would realize a fundamental shift that sees transformed the traditional postemergency responses into preemergency activities (Tómasson, 2023), thus making organizations more prepared for transformations and systemic changes (Sánchez & De Batista, 2023).…”
In the current complex and uncertain scenarios, organizations are increasingly subjected to hazardous events and threats, which can be critical for their business operations and performance. In these settings, organizations are likely to experience high‐cost impact if they are unprepared when a crisis strikes. This is more challenging for small and medium enterprises (SMEs) that, due to their limited organizational and financial resources, are called to be resilient providing an effective response to such threats to safeguard the interests of key stakeholders and protect their reputation and brand. Business continuity management (BCM) is commonly known as one of the most effective processes used by organizations to cope with emergencies to continue or resume business operations, thus contributing to strengthen the organizational resilience (OR). Based on a critical literature review, this study provides an overview of BCM by highlighting the main implementation requirements, challenges, and contribution to enhance the OR. It also proposes a conceptual framework that shows how BCM is functional to and strongly connected with OR, especially for SMEs. Finally, implications for scholars, practitioners, and policy‐makers are provided to recall the main research evidence and inspire future investigations.
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