Rebuilding Business Resilience In The Wake Of COVID-19

BBB warns of storm chaser scams after natural disasters

We say it all the time, disasters like what we saw on Monday can bring out the best in people. Neighbors helping neighbors. But not everyone has good intentions.

”During times of disaster emotions are running high, and crooks like to take advantage of it,” said Better Business Bureau Spokesperson, Monica Horton.  After an EF2 tornado ripped through Texoma earlier this week, Horton has a warning.

In addition to contracting scams during these difficult times, the BBB says to be on the lookout for charity scams, home rental scams and government imposter scams.

“They will try to use high pressure sales tactics,” she said.  They’re called storm chasers, scammers who claim to be out-of-town contractors offering quick repairs at a high price.

“We’ve heard situations in the past where they say there’s going to be rush on supplies and in order for you to get your repairs done in a timely fashion, we need to contract and do this right now,” said Horton.  According to Lankford Roofing Owner, Steve Polston, there are a few red flags to look for.

“First of all we have a written contract that the customer reviews and signs, then we perform the entire job, then we get paid,” said Polston. In addition to contracting scams during these difficult times, the BBB says to be on the lookout for charity scams, home rental scams and government imposter scams…READ ON

Satellite technology seen to help banks ensure business continuity during disasters

LIBERALIZED ACCESS to satellite technology is expected to benefit banks and their clients as it could help ensure business continuity during disasters.

“With enhanced access to satellite broadband services, financial institutions can improve their disaster recovery plans as part of their resilience strategy. They will also be able to set up more access points, such as branch lite operations, ATMs, and cash agents in underserved areas,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said in a statement on Tuesday.

The Department of Finance earlier said the country loses an average of P48.9 billion due to climate events, equivalent to about 0.33% of the average gross domestic product. This, as the country is struck by around 20 tropical cyclones annually.

The central bank through Circular 1128 last year told banks to do a yearly assessment of the impact of environment and social risks on their operations. This would include assessment of a bank’s capability to withstand disruptions, resume operations and continue to provide services…READ ON

University Of Nottingham: Rebuilding Business Resilience In The Wake Of COVID-19

The findings of a major study exploring COVID-19’s impact on the resilience of UK companies will be revealed to policymakers, business leaders and entrepreneurs later this week.

The research was initiated in late 2020 to investigate the effects of the crisis on small and medium-sized enterprises (SMEs), which account for over 99% of Britain’s six million firms.

Using artificial intelligence and machine learning, it also set out to develop new ways of assessing the economic risks arising from pandemics and similarly disruptive episodes.  The resulting insights will be shared for the first time at a workshop hosted by Nottingham University Business School, which spearheaded the study, from March 22 to March 24.

Researchers believe the findings can help shape how the SME community deals with the “extreme pressures” brought by significant disruption and the emergence of new normals…READ ON

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