Thinking for tomorrow, acting today
Our corporate crisis management structure is aligned with norms of the industry, specifically ISO 22301 and the Business Continuity Institute. This standard outlines the procedures senior management relies on to respond responsibly and effectively to situations such as the COVID-19 outbreak.
Our approach treats business continuity as an integral part of our risk management and fits into all business processes. It is based on our ability to:
- Assess the impacts of the crisis on our stakeholders, departments, operations, properties and branding
- Make the best possible decisions with the information available
- Keep concerned parties and our shareholders informed
Our crisis task force team exercises themselves annually with crisis management simulations. Our policies and procedures are conceived to be able to manage this type of situation. Well before the pandemic was officially declared, our teams were already keeping close watch on the situation and adjusting the emergency response plans to protect the health and safety of our stakeholders and to ensure the continuity of our operations.
Formal and approved responsibilities
As the situation evolved, a series of structured and streamlined crisis management mechanisms was rolled out. The three levels of our crisis task forces were activated in sequence:
- Crisis task forces: implement and disseminate concrete actions plans and communicate the needs, challenges and realisations to the tactical team.
- Tactical team: take decisions on a transversal level, support the decision-making of operational teams in charge of daily operations of assets, and monitor the situation.
- Strategic crisis unit: provide guidance and make business decisions to allow for organizational resilience.
Crisis task forces
We formed multiple crisis task forces early in January 2020 to monitor the situation as it evolved. With properties in the Asia-Pacific region, we were immersed in the situation as soon as the first signs of a pandemic were reported. The business continuity team is responsible for implementing concrete action plans on the ground and conveying the appropriate instructions to all key players. They also play an assessment, analysis, management and supervisory role to carefully monitor the day-to-day status of the crisis.
This multidisciplinary team comprises representatives from all the organization’s core functions: human resources, public affairs/communications, legal affairs, IT, operations and investment. The team has decision-making authority and sufficient resources to act with agility and efficiency on a daily basis. Its objectives are to:
- Reduce the risk of virus transmission
- Support employees
- Ensure compliance with government requirements in all jurisdictions
- Allocate technological and human resources to meet the basic needs of each business unit
- Share best practices on our business and investment platforms
- Maintain close ties with all internal and external stakeholders.
Strategic crisis unit
The strategic orientations and decisions taken by the corporate crisis task force ensure organizational resilience. The unit is tasked with ensuring business continuity by helping maintain operational and financial sustainability so as to avoid any confusion or disruption that would bring the organization to a standstill.
This strategic crisis unit comprises senior executives and members of the business continuity team. Its objectives are to:
- Manage revenues as well as financial and non-financial risks in the company’s strategic plan
- Stay in close contact with business partners and investors
- Redefine budgets and make the necessary adjustments
- Provide appropriate financial and non-financial support to key stakeholders
- Understand employees’ needs
- Identify innovative pathways to the business model.
- Distinguish innovation avenues from the business model