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COVID-19 in the news

To Thrive, Brands Rethink Revenue Management

26 August, 2020 | Wall Street Journal

By Jennifer D. Fisher

While the economic impact of COVID-19 is not yet fully understood, competitive dynamics, supply chains, and customer needs are shifting rapidly. The rapid pace of change highlights a need for CMOs and other C-suite leaders to refresh their revenue management strategies.

Enhance Cross-Border Investigations Amid New Risks

10 August, 2020 | Wall Street Journal

By Tammy Whitehouse

Internal investigations across international borders were already challenging. Travel restrictions and remote work arrangements resulting from COVID-19 have made such investigations even more difficult. To respond to increased fraud risk and heightened regulatory scrutiny, organizations may need to recalibrate investigative strategies.

Tax Departments Adjust to Pandemic Conditions

4 August, 2020 | Wall Street Journal

By John Labate

Working remotely and virtually during the COVID-19 outbreak has exposed critical gaps at many tax departments. CFOs can work with tax leadership to identify process improvements as well as potential benefits that can be derived from more efficient operating models.

Internal Auditors Shift Focus in Financial Services

28 July, 2020 | Wall Street Journal

By Adam Regelbrugge and Manu Mankad

The modernization and digitization of internal controls is taking on a new level of urgency, particularly among internal auditors in financial services. Manual, paper-based processes are quickly falling out of favor in the new world of remote work.

In Evolving Consumer Products Space, Data Fills Gap

27 July, 2020 | Wall Street Journal

By James Cascone, Aditya Shiralkar, Naba Sengupta and Danny Lin

As consumer products companies adjust business models to address unprecedented uncertainty, some are finding that cognitive risk sensing, and the data and insights it delivers, is helping to identify emerging risks, enable early intervention, and create a competitive advantage.

COVID-19 May Bring Lasting Change to CFO Recruiting

24 July, 2020 | Wall Street Journal

By Andy Marks

Five executive recruiters who specialize in CFO searches discuss how the pandemic could alter recruiting and hiring over the long term, and how the crisis may permanently reshape the market for finance leaders long after the COVID-19 crisis passes.

Letter From China: Virus Changes the Business Landscape

20 July, 2020 | Wall Street Journal

By Joe Guastella and Ken DeWoskin

Expanded economic direction and increased monitoring activities by the central government since the COVID-19 outbreak are changing the business environment in China. Understanding these shifts, including policymakers’ new priorities and structural changes to Chinese manufacturing capacity and supply chains, can help CFOs of multinationals operating in China assess new risks and opportunities, and adapt their business models to the evolving business landscape.

COVID-19 Hastens Transformation in Health Care

17 July, 2020 | Wall Street Journal

By Simon Gisby

The pandemic has propelled consumers and the health care sector toward a new model of care centered on wellness rather than illness. Organizations that develop the capability to capture and synthesize new datasets may become the leaders in this new approach.

Roll Cameras: Safely Resuming Production on Set

15 July, 2020 | Wall Street Journal

By Kris Pettersen

While TV, movies, video games, and music fill more free time than ever, most new content remains on hold until physical production can safely resume. CIOs at production studios can leverage well-established health care solutions to help keep employees safe and mitigate potential risk as studios work to get actors and production crews back in action.

CCOs Navigate New Risk and Compliance Landscape

13 July, 2020 | Wall Street Journal

By Howard Friedman, Jack Tanselle and James Siciliano

Pandemic-related disruption may have exposed existing risk and compliance weaknesses or created new ones for organizations to address. Chief compliance officers have a pivotal role to play in reassessing priorities and driving critical discussions meant to ensure adherence to corporate values as organizations recover and move forward.

Virus Impacts Call Attention to SOC for Supply Chain

8 July, 2020 | Wall Street Journal

By Dan Kinsella 

As supply chain leaders rethink many aspects of their extended enterprise ecosystems, they may be reprioritizing their risks. A new SOC report may be a useful tool to give them greater visibility into system and organization controls that are meant to assure performance.

Reboot: Top Priorities for Resilient Recovery

7 July, 2020 | Wall Street Journal

By Sharon Goldman 

Organizations are determining how to reopen physical locations safely and support workers who continue to work remotely. A thoughtful, broad-based reboot can help business leaders address workforce issues including health, wellness, and productivity.

Investment Firms Contemplate New Ways to Work

6 July, 2020 | Wall Street Journal

By Krissy Davis 

Compliance, risk, and internal audit leaders at investment management firms are rethinking many aspects of operations to move forward in a world transformed by a pandemic. Clients, culture, and talent are top of mind as they determine how to define and configure a new workplace.

Carveouts May Become Critical in Pandemic Recovery

2 July, 2020 | Wall Street Journal

By Tammy Whitehouse

A recently altered economic landscape may drive new divestitures as companies reconsider their core business strategies and search for capital to fund operations and investment. A well-planned transaction can entice buyers looking for opportunities, but the value proposition remains critical.

Supporting Growth Strategies Through a Crisis: Deloitte CFO Janet Lewell

2 July, 2020 | Wall Street Journal

By Andy Marks

Deloitte CFO Janet Lewell discusses how to develop long-term growth strategies and opportunistic investments in the current crisis environment, with steps to monitor and guide effective plan execution.

Workday CIO on Recovery: ‘Culture Leads the Way’

2 July, 2020 | Wall Street Journal

By Katherine Noyes

For CIOs, navigating the post-COVID-19 era depends heavily on culture, communication, and C-suite collaboration, according to Sheri Rhodes, CIO at Workday. Among her tips: “We’ve got to be able to operate in an agile way.”

Steeped in Tech, Virtual Close May Redefine Future

4 June, 2020 | Wall Street Journal

By Tammy Whitehouse

Closing the books virtually may have sparked new ideas on how to improve the process in future reporting periods. Adoption of technologies to automate many aspects, including internal control over financial reporting and control testing, is likely to accelerate.

COVID-19 Compels Eli Lilly to Fast, Decisive Action

3 June, 2020 | Wall Street Journal

By Karen Scherberger

Pharmaceuticals provider Eli Lilly and Company has much to offer in the battle against COVID-19 and is targeting its specialized capabilities to solve problems everywhere it can. Daniel M. Skovronsky, M.D., Ph.D., and chief scientific officer at Lilly, describes his experiences leading through a pandemic, the company?s contributions to the fight, and the resilience that comes with a ?never say never? attitude.

Leveraging the Cloud to Transform: Pegasystems CFO

2 June, 2020 | Wall Street Journal

By Josh Hyatt

For software maker Pegasystems, the switch from selling perpetual licenses to a subscription-based revenue model required more than re-orienting customers, re-educating employees, and reassuring investors. CFO Ken Stillwell reveals how the transformation in product strategy ultimately led the business to reformulate its organizational DNA.

IT Service Delivery and Sourcing During COVID-19

28 May, 2020 | Wall Street Journal

By Katherine Andrea Noyes

The current pandemic will likely require many organizations to alter their sourcing and delivery strategies for IT services. With the right approach, they can not only respond and recover today but also position themselves to thrive in the future.

SOC Report Can Help Build Supply Chain Resilience

26 May, 2020 | Wall Street Journal

By Tammy Whitehouse

A new report on controls at service organizations may be a tool to consider for companies looking to build more resilience into supply chains. Borrowing from widely accepted SOC reporting frameworks, the system of assuring controls efficacy promotes information sharing that can improve transparency in extended networks.

Financial Scenario-planning Tailored For Rapid Change

26 May, 2020 | Wall Street Journal

By Andrew Samuel Marks

Five actions can help CFOs develop nimbler and more effective financial forecasting processes despite the ongoing pandemic. This second article in a two-part series discusses the last three principles for forecasting under extreme uncertainty: tailoring scenarios to specific contexts and challenges, identifying and monitoring early indicators, and reforecasting often.

Higher Education Leaders Tackle Slate of New Risks

22 May, 2020 | Wall Street Journal

By Tammy Whitehouse

Colleges and universities closed out the spring semester this month, but it's a good bet their leaders will spend part of the summer discussing and addressing a deluge of new risks created by COVID-19 impacts. Some institutions may find silver linings as they consider new learning models. Those that seize new opportunities may be the ones who define the future of secondary education.

Next Normal Internal Controls Promote Digitization

21 May, 2020 | Wall Street Journal

By Tammy Whitehouse

The COVID-19 outbreak provided many organizations with stark realizations of how vulnerable their internal control structures were to significant business disruption. Now that many have made a rapid shift to digital solutions, the push toward modernizing controls is likely to intensify.

The Virtual CFO: Rethink How You Relate to Others

18 May, 2020 | Wall Street Journal

By Patricia M Brown

Surinder Kahai, associate professor of information systems at SUNY Binghamton, discusses how finance leaders can overcome the challenges of sustaining team relationships in a world of remote work, in this second of two articles on virtual leadership.

Crisis Leadership: Reframe Evolving Risks to Thrive

18 May, 2020 | Wall Street Journal

By Marie Leone

By revisiting five traditional crisis management principles and adjusting them to better align with the uncertainty of the current COVID-19 outbreak, organizations can help smooth the path to recovery and set a course to thrive.

Experience Brief: The Role of Emotions in Health Care

15 May, 2020 | Wall Street Journal

By Mary Eileen Morrison

As health care leaders adapt to the COVID-19 pandemic and begin to plan for the future, it?s critical they pause to acknowledge the foundational role human emotions and experiences play in the health care industry.

Incentive Compensation During a Downturn

14 May, 2020 | Wall Street Journal

By John George Labate

Falling share prices and uncertain growth prospects due to the ongoing COVID-19 pandemic have many companies considering whether the time is right to amend incentive compensation programs.

Navigating Operational Strain, Brands Look to Future

13 May, 2020 | Wall Street Journal

By Jennifer Fisher

While the immediate challenges of the coronavirus pandemic may feel overwhelming, businesses would be well served to consider long-term brand health, too. Maintaining a strong brand reputation and solid customer relationships may require enterprises to revise operating standards and reassess customer and employee communications.

Compliance Brief: COVID-19 Disrupts Internal Probes

13 May, 2020 | Wall Street Journal

By Marie Leone

The pandemic?s ripple effects include its impact on internal investigations as travel restrictions and social distancing alter the process at many companies. From determining which cases go forward to understanding the nuances of remote interviews, three legal specialists discuss the likely modifications corporate investigators may have to initiate in this second article of a two-part series about company-led inquiries.

4 Scenarios Envision a World Remade by COVID-19

12 May, 2020 | Wall Street Journal

By Karen Scherberger

Scenario planning can be a valuable tool for navigating uncertainty by telling stories about how the future could unfold. A team of scenario-planning powerhouses put their heads together and devised four planning scenarios for leadership teams everywhere to consider. These are their stories.

Scenario Planning Purpose-Built for Uncertain Times

11 May, 2020 | Wall Street Journal

By Karen Scherberger

In this interview, Peter Schwartz, noted futurist, author, and senior vice president of strategic planning at Salesforce, and Andrew Blau, managing director at Deloitte Consulting LLP, share their thoughts on scenario planning, including what it is, how senior leaders can use it, and how it can bolster resilience in times of crisis.

The Virtual CFO: Consider Remote Work?s Psychological Impacts

11 May, 2020 | Wall Street Journal

By Patricia M Brown

In the first of two articles, Surinder Kahai, associate professor of information systems at SUNY Binghamton, discusses impacts of virtualization, psychological issues that can arise from remote work, and techniques executives can use to manage effectively and help improve the well-being of employees.

Pension Plan Considerations Under the CARES Act

7 May, 2020 | Wall Street Journal

By John George Labate

Stock market declines and ongoing economic uncertainties, combined with new provisions under the CARES Act, have companies taking a closer look at their defined benefit pension plans and obligations. Now may be the time to consider de-risking strategies and other changes to support pension obligations within the context of long-term strategic objectives.

What Social Sensing Is Telling Us About COVID-19

4 May, 2020 | Wall Street Journal

By Mary Eileen Morrison

The path forward may be unclear for many brands, but consumer insights can provide valuable guideposts. Heat and Deloitte Consulting LLP?s Mike Barrett and Jocelyn Lee discuss how marketers can use and apply data from social sensing to more effectively meet customers? needs during the COVID-19 pandemic.

Pandemic May Heighten Internal Control Risks

4 May, 2020 | Wall Street Journal

By Tammy Whitehouse

In light of COVID-19 disruption, regulators have granted public companies relief with respect to many filing deadlines, but they have not revised requirements regarding the effectiveness of internal control over financial reporting. Companies may need to evaluate control risks on multiple fronts to address any recent changes that could compromise those functions.

Financial Forecasting for Extreme Uncertainties

4 May, 2020 | Wall Street Journal

By Andrew Samuel Marks

Scenario-based financial forecasting can help CFOs assess their company?s capabilities to withstand the impacts of the COVID-19 pandemic and plan for future growth opportunities. Consider the steps involved in developing a nimble and effective forecasting process for an uncertain and fast-changing business environment.

Contact Centers Respond, Adapt to COVID-19 Crisis

30 April, 2020 | Wall Street Journal

By Kristen Marya M Pettersen

COVID-19 delivered a double blow to contact centers: Within days, many had to shift to virtual workplaces, while call volumes surged. Despite these challenges, the crisis may present contact center leaders an opportunity to rethink operations and improve customer experience.

Ask Critical Cash, Credit Questions as Crisis Continues

30 April, 2020 | Wall Street Journal

By Tammy Whitehouse

Liquidity and working capital have become important priorities for many organizations as pandemic-related disruption persists. Organizations can take steps to address sudden shortfalls and shore up arrangements with creditors in an effort to steer through choppy waters. Government relief is also an option, but with important conditions to consider.

Global Marketing Trends in a New Normal

29 April, 2020 | Wall Street Journal

By Jennifer Fisher

Though the world has changed dramatically due to the coronavirus pandemic, the principles outlined in Deloitte?s 2020 Global Marketing Trends remain fundamental. These themes offer guideposts for businesses seeking to respond to, recover from, and thrive in spite of the crisis.

Taking on Post-Pandemic Extended Enterprise Risk

29 April, 2020 | Wall Street Journal

By Tammy Whitehouse

Downstream risks in extended enterprise ecosystems can be difficult to assess and mitigate, especially for complex organizations with multiple tiers of suppliers. As leaders consider new risk management strategies in their recovery from pandemic-related disruption, technology may offer solutions, tapping multiple data sources and applying advanced analytics to provide greater insight.

Investment Firms Can Leverage Regulatory Relief Now

28 April, 2020 | Wall Street Journal

By Tammy Whitehouse

Several relief provisions give investment management firms some needed room to navigate significant market turmoil related to COVID-19. Firms may need to develop processes to track extended filings, document deliveries, and board decisions to facilitate regulatory compliance while continuing critical investment services.

Ira Millstein on Leadership During a Crisis

20 April, 2020 | Wall Street Journal

By Janet Foutty

Janet Foutty, U.S. Executive Chair of the Board for Deloitte, recently had an opportunity to meet virtually with Ira M. Millstein to hear his principles for leadership and corporate governance in times of crisis. Millstein is the founding chair of the Ira M. Millstein Center for Global Markets and Corporate Ownership at Columbia Law School, a noted author, and a senior partner at the international law firm, Weil, Gotshal & Manges LLP.

Context Is Key When Leading Virtually

20 April, 2020 | Wall Street Journal

By Ajit Kambil, Pat Brown, Rob Dicks, Kris Routch, Ann Perrin, and Josh Hyatt

Alex (Sandy) Pentland, faculty director and founder of MIT Connection Science, discusses why leaders must pay closer attention to context when leading virtual teams in the absence of traditional visual and auditory cues. With decades of experience studying virtual leadership and virtual teams, he also explains what leaders can do to be effective in the remote work environment.

IR Strategies to Help Manage COVID-19 Uncertainty

20 April, 2020 | Wall Street Journal

By Chris Ruggeri, Michael Epstein, and Kirk Blair

During rapidly evolving crises, investor relations (IR) professionals must adapt strategies to address challenges as they arise. The upheaval in the capital markets tied to the COVID-19 pandemic likely demands a new IR playbook that presents a company’s best-case, worst-case, and holding pattern responses to business disruption and looks ahead to recovery.

Letter from China: Payment Risks Rise as Business Restarts

17 April, 2020 | Wall Street Journal

By Joe Guastella and Ken DeWoskin

With China’s economic restart following a lockdown and other measures to contain the COVID-19 virus underway, multinationals may need to consider new ways to work with financially stressed Chinese businesses. To maintain market share, CFOs can consider options and innovative payment approaches to address liquidity pressures from mainland China-based distributors and customers

Virtualization: Lessons for Enabling Remote Work

10 April, 2020 | Wall Street Journal

By Ajit Kambil

Deloitte CIO Larry Quinlan discusses the necessary components to virtualizing workplace processes and functions, and how CFOs can work effectively with CIOs to drive sponsorship across the enterprise. He also discusses key decisions and considerations that can help CIOs plan their company’s path to virtualized work more effectively.

SEC Reporting and Disclosures Involving COVID-19

8 April, 2020 | Wall Street Journal

It’s important for SEC registrants to carefully consider their unique circumstances and risk exposures when analyzing how the COVID-19 pandemic may affect their financial reporting and related financial statement disclosures. Learn important financial reporting considerations related to conditions that may result from the pandemic, including issues related to MD&A, risk factors, and earnings releases.

Virus Disruption May Reshape Supply Chains

7 April, 2020 | Wall Street Journal

By Tammy Whitehouse

Strain in global supply chains, first as a result of tariffs and more recently amid the COVID-19 pandemic, may prompt organizations to revisit their approach. Some may consider a fresh assessment of risk that can help identify short- and long-term opportunities while taking corrective action.

Insurance Contracts Merit Careful Scrutiny in Crisis

6 April, 2020 | Wall Street Journal

By Kathryn Pavlovsky and Ben Solomon
Organizations may need to develop and deploy a strategic approach to determine which of their insurance coverages might provide reimbursement for losses associated with the COVID-19 outbreak. With multiple types of losses factored against numerous and varied insurance contracts, the analysis and response are critical to improving outcomes.

COVID-19: How CIOs Can Lead the Way

1 April, 2020 | Wall Street Journal

By Katherine Noyes

COVID-19 is testing the capabilities of even the most resilient organizations, with a number of expanded responsibilities falling on IT. Many enterprises will likely emerge with modernized technology and ways of working. A few key practices can help CIOs pave the path.

Dial Up Resilience Planning Amid Virus Turmoil

31 March, 2020 | Wall Street Journal

By Tammy Whitehouse

The systems and processes organizations are developing to combat the disruptive effects of the coronavirus outbreak may help form a playbook that prepares them for future emergencies. Organizations that have taken proactive measures and engaged in scenario planning are demonstrating resilience in the face of the current crisis.

Capex Risk Modeling for COVID-19 Response

27 March, 2020 | Wall Street Journal

By Charles Alsdorf

Designing a risk-resilient capital planning playbook for black swan events such as the COVID-19 pandemic doesn’t need to be especially sophisticated. However, it does require a strong framework to ensure that decision-makers employ logic and discipline in arriving at their understanding of current and future risk impacts, while setting the strategic priorities for a new baseline of growth.

Our Day One of the New Reality

25 March 2020 | Wall Street Journal

By David Redhill

As millions of workers around the globe are thrust suddenly into remote work situations, the experience of Deloitte Consulting Global CMO David Redhill and his colleagues in Australia reveals a huge, and perhaps unexpected, upside.

Virtual Work Practices to Bolster Business Resilience

25 March 2020 | Wall Street Journal

By Erica Volini, Steve Hatfield, Robin Jones

Many companies have decided or will soon decide to perform most work virtually in response to the spread of COVID-19, shining a spotlight on the need for corporate resilience and the ability to embrace virtual collaboration tools and practices. A practical approach can help companies adapt and progress in this dynamic environment.

Shoring Up Supply Chains as Virus Spreads

23 March 2020 | Wall Street Journal

By Dan Kinsella, Bryan Goshorn, Jim Kilpatrick, Lee Barter

The virus that brought parts of China and much of Italy to a standstill continues to spread to other parts of the world, extending business continuity challenges and supply chain disruptions into new geographic areas. As organizations manage and adapt, they may need to consider a number of talent, IT, succession, and cash flow initiatives to work through uncertainty and volatility.

How Digital Business Can Inform COVID-19 Response

17 March 2020 | Wall Street Journal

By James Cascone, Tim Christmann

In a volatile and uncertain environment, digital capabilities may enable organizations to be proactive and agile in response to emerging disruptions, augmenting their ability to be resilient.

Supply Chain Considerations for Coronavirus

18 March 2020 | Wall Street Journal

By Andy Marks

CFOs can help adapt supply chains and corporate spending plans disrupted by the COVID-19 coronavirus outbreak by working with supply chain leaders to identify, assess and implement effective options. Consider several actions that can improve supply chain resiliency and strategic agility now and longer-term.

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