ABSTRACT
The global COVID-19 pandemic saw lock-downs, state border closures, and other social-distancing restrictions being put in place, and many people working from home. Even organizations with mature and largely effective business continuity and crisis management arrangements had to refresh and strengthen their arrangements. All business brands are likely to suffer from crises that create public relations challenges. Clear and effective crisis management arrangements, including well-considered communication, will usually invoke a quick, transparent, and genuine response, whereas trying to hide, defend, or ignore the organization's gaffes will usually stall any recovery. Boards and audit committees should keep a close watch on the organization's solvency during an enduring crisis. This will encompass the organization's current and liquid ratios; net asset position; cash at bank and on deposit; trade debtors (and aging); bad debt write-offs in the reporting period; trade creditors (and aging); and whether taxes, compulsory retirement contributions, and insurances have been paid.
