Governments around the world are responding quickly to the impact of the COVID-19 pandemic. EY checklists and insights will help you manage the regulatory impacts of the now, next and beyond, no matter where you do business.
Track various regulatory notifications and announcements resulting in:
- New compliance obligations
- Change in existing obligations
- Stimulus to protect business
Take steps to mitigate impact:
- Issue revised policies in line with company’s strategy, philosophy and mandatory requirements
- Manage communication with various stakeholders, including employees, customers, vendors, regulators and investors, in line with changing regulatory requirements and considering provisions of existing laws
- Assess business impact of short-term regulatory and policy changes, including on revenue, operations and supply chains, human resources, tax and so on
More insights on Government and public policy
Determine how shifting government regulations at the local and federal levels will affect business policies and strategies in the return-to-office phase:
- Shelter-in-place orders and travel bans affecting human resources, business travel costs, ongoing necessity of digital communication tools, consumer demand levels
- Public transportation system capacity affecting employees’ ability and willingness to commute to office
- School and daycare closures affecting employees’ ability and willingness to work in office
- Financial reporting changes persisting after the first wave of the pandemic
- Cost of capital being affected by ongoing central bank interventions
Review compliance governance, process and infrastructure effectiveness to deal with current pandemic situation and assist organization in plugging gaps in compliance programs.
- Operate in a new normal — a transformed compliance function focused on real-time monitoring and response, better enabled by technology and resources with deeper business and regulatory skills
- Refresh compliance governance and compliance risk monitoring framework
- Automate compliance management and monitoring
- Manage compliance program by providing ongoing support
Conduct scenario analysis for midterm and long-term political and regulatory impacts of pandemic, and adjust business operations and strategy accordingly:
- To what degree will governments retain emergency powers and direct involvement in domestic economies?
- How will rising nationalism and regionalism affect the viability of global supply chains?
- Will human resources strategies need to evolve if the workforce becomes less global?
- Will technology-driven crisis responses shift societal norms and government regulations on data and intellectual property?
- How will accelerating technology competition affect the operations and supply chains of companies across sectors?
- How will more rapidly aging societies affect companies’ growth prospects in markets around the world?
- Where are protest movements most likely to reemerge, and how will that affect operations and revenue in those markets?
- How could companies’ actions on climate change during the crisis affect their reputation in the post-crisis period?
- Will governments’ post-crisis stimulus plans affect companies’ operations costs and taxes associated with climate change mitigation?