How boards can prepare for effective scenario planning amid pandemic

Few people could have predicted the turmoil that the COVID-19 pandemic would cause. Although it caught many organizations off guard, some were in a better position than their peers to weather the storm thanks to robust strategic planning and risk analysis.

The September/October edition of the Director Journal’s column Directors’ Dilemma addresses this subject by posing the question: “How can the board ensure an organization pursues effective scenario planning, even while operating in crisis mode?” The article draws on advice from industry experts to offer possible solutions.

Co-head of the firm’s M&A practice Mike Amm told Directors’ Dilemma that the changes some business leaders have implemented over the past four months have been more significant than changes brought about in the past four years.

PODCAST: Listen to this episode of Torys Business Brief to learn how boards and management are working together to help their organizations emerge from the pandemic.

“Trends that existed prior to the pandemic have rapidly accelerated and evolved, challenging businesses to keep pace and refocus their strategy for a new reality,” Mike said.

Mike said that in order for organizations to continue to operate throughout the pandemic, firms would need to be innovative and flexible and boards will play a critical role in aiding the planning process.

He stressed the importance of “robust scenario planning”, saying it would provide a guideline for how organizations can handle the pandemic right now and into the future.

You can read the full column here.

Learn more about our Board Advisory and Governance team and read some of their insights, including this Q3 Torys Quarterly piece “The post-pandemic world: key considerations for business leaders” on the practice page.