The COVID-19 pandemic severely hurt a number of businesses, some of which failed in epic scales and unable to claw back up. Those managed to stay afloat need to make unprecedented adaptation, especially after the business situation improves. They must adjust their operations to comply with state measures and changing business environment through imposition of screening process and issuance of strict measures to mitigate infection risk i.e. social distancing, flexible hours, work from home and online meeting.

Despite improving situation in Thailand amid absence of new domestic infection, there still are chances of second and third waves pandemic as occurred in other countries such as China, Japan, and Australia.

As a member of the Board, have you ever thought about the risk of fresh wave infection that could happen? Some may wonder “why should this be of my concern? It should be the Management’s responsibility.” However, the Management may be busy focusing on business revival and surviving the crisis while overlooking potential risks ahead.
“Ask the right questions” is one key tool that could help the Board urge Management to recognize risks they may have overlooked and prevent the organization from facing the same problem all over again. Among Questions that the Board should ask Management in order to make operations more flexible and fit with situations are:

• From past experience, what are the risks and what are lessons learnt that should be included into normal business operations?
• What are operational silos that should be broken? During business operation adjustment, how should the Management adjust operating model and how to sustain the change?
• What are operating models that make us unable to cope with the crisis?
• What other changes that may make our business model incapable of tackling the crisis?

These questions can be used to change internal operating processes to cope with changing situation and bolster the business amid COVID-19 crisis. However, the Board should also ask questions to prevent long-term impact on the organization because the second or third waves of COVID-19 outbreak could hit hard, fast and last longer than the first time around. Among Questions that the Board should ask Management to adjust their mindset from focusing on current issues to consider more of the long-time prospect of the organization are:

• Situation Management: Have we upgraded crisis management to a concrete management plan?
• Focus: Have we turned back to focus on target customers and their real demand?
• Planning: Have we considered other possible scenarios and how will those scenarios affect our organization revival/rehabilitation plan?
• Attitude: How can we create new business? What are new business models that the organization need?

Given ever-increasing number and magnitude of risks, COVID-19 may be just the beginning or a small fraction of great challenge that the organization is about to face. A solid proof of the Board’s capability to tackle this crisis is crucial, meaning the viability of the organization is at stake.

Source: Modified from “Business recovery from COVID-19: A Guide for Board Members” article by Deloitte.

Benyada Kumlungsua 
Senior CG Specialist – Training and Facilitators
Thai Institute of Directors Association (IOD)