Assessing the Situation
When the unprecedented global effort to flatten the curve is successful, it will significantly reduce the short-term impact of the COVID-19 pandemic. As countries, states and localities implement stay-at-home orders, the impact to businesses and their outsourced/off-shore processes has been quick and dramatic, and interruptions to business-as-usual have quickly cascaded across industries and geographies.
However, reducing the short-term impact will increase the longterm business disruption resulting from this pandemic. Instead of a significantly negative impact for 15 days, we may well be dealing with lasting impacts over at least the next several months.
Impacts Across Your Organization
As businesses address the immediate impacts, the potential for a backlog in key outsourced/off-shore processes is likely in a non-mobile/IT-constrained workforce. Some companies are experiencing disruptions with the following outsourced/off-shore processes:
| Funtional Areas | Workstreams |
| Accounting | - Cash application
- Fixed assets
- Accounts payable
- Journal entry posting
|
| Financial | - Period-end close and reporting
- Account reconciliations
|
| Human Resources / Payroll | - Processing time/expense for payment
- Data reconciliations
|
| Information Technology | - User access reviews
- Quality assurance/user acceptance testing
|
| Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Economic Sanctions | - 1st level review of AML alerts
- Customer due diligence (CDD) on new/existing customers
- 1st level review of initial Office of Foreign Assets Control (OFAC) screening matches
- 1st level review of Section 314(a) of the USA PATRIOT Act of 2001 matches
|
We Can Help
We stand ready to help you navigate the new risk landscape and have the expertise and capabilities to assist you and your organization through this difficult time. We can provide full outsourcing, co-sourcing or staff augmentation, and have a deep bench of cross-industry experience helping our clients through short-term and long-term problems.