SPECIAL FEATURE A more cautious approach to working in offices It is important for each Affiliate to assess its liquidity situation in this new and volatile market environment in the event of a company going bankrupt or being cancelled from FIDI. RISK ASSESSMENT WITH FAIM FIDIs FAIM programme can help Affiliates with the process of mitigating risk, says Deweerdt. Within the FAIM programme, we constantly try to trigger the Affiliates to perform sufficient and frequent risk assessments for example, with the risk analysis on anti-bribery, anti-trust and the supply chain in general. Last year, we also started with yearly financial assessments using the specially developed EY Credit Risk Barometer (EY CRB). By using the EY CRB, we pro-actively investigate the creditworthiness of each Affiliate. After the pilot period of two years, we will be able to demonstrate to the outside world that FAIM-certified movers are financially stable or at least have mandatory risk-mitigating measurements in place to protect their own company as well as their fellow FIDI Affiliates. The global results and analysis of the 2019 FAIM Financial Assessment in the special report from EY, is available on FIDIs webpage under the news section. A BROADER DEFINITION OF RISK As well as the likelihood that we will be living with COVID-19 and adapting our businesses for some time to come, Oakeshott believes it is prudent to take a broader view of risk management than we might have done previously, and to draw up business continuity plans accordingly. After all, if a pandemic can occur, why not an environmental disaster or technological failure? Document the actions you took during the current crisis that will allow you to react more quickly should 28 FF297 JunJul20 pp22-30 Best p1.indd 28 it happen again, he says. Also, consider other threats, such as a local or widespread cyber-attack. How would you continue work without computers? It doesnt have to be an elaborate document just a series of actions that place you in more control. The FIDI Academy has recently launched a new webinar course on risk management for international moving companies. To find out when the next session will take place, go to the FIDI Academy webpage or contact Chantal Fera at academy@fidi.org ROAD TO RECOVERY Risk management will be an important part of recovery plans that movers should be drafting already for the end of the crisis. This should detail, as far as possible, what a return to normal will mean for their business. How will it run differently, day to day, compared with before COVID-19? It should ensure that the company can cope with a likely large upswing in volume once restrictions on movement are relaxed and include flexibility to dial it back once this initial increase calms down. It should also ensure access to enough materials, such as packaging and labour, to run smoothly and keep quality standards high. Part of this process will be looking at the new business and making decisions about the shape and scope of the services you are providing you may want to scale some back, or drop them altogether, and develop new services. This requires an open and adaptable mindset; after this crisis, the market will look very different, and your business should, too. Its clear that, in spite of the incredibly difficult path moving companies are currently on, this WW W. F I D I FOC U S . OR G 01/06/2020 14:54