4 Key Learnings to Improve Business Resilience During COVID

TriCore Group has released research results for executives of leading organizations around the world, finding 4 important issues that are beneficial to managing organizations amid challenges and opportunities under the COVID-19 outbreak situation. By exploring the use of digital technology to change business operations (Digital Transformation), cyber security. (Cybersecurity) Operations of the Committee Corporate Governance, Risk, and Regulatory Compliance (GRC) and Business Continuity Planning (BCP) in Thailand

Tricore Group, business expansion experts with extensive knowledge and business expertise. Local global level such as organizations, investors, human resources and payroll Corporate credibility and debt management and strategic business consultant revealed the Asia Pacific Board Director Barometer Report 2021 research , which was created to help executives plan their business continuously and with flexibility. Focusing on key markets in the Asia-Pacific region, including Thailand, 4 issues were found that are important to organizational management as follows:

The first issue was “Interest in digital tools among executives of Thai companies”. It was found that from a survey of executives of various companies. Interested in providing digital tools or change operations to be more digital. It was found that 79% of Thai boards are looking for tools and would like to try using them. which is the highest number in the world

From a survey of opinions of executives in Thailand and in other regions. On the issues of Business Continuity Planning (BCP) and Governance, Risk Management and Compliance (GRC), there were no different opinions. But there are differences in the level of concern. The numbers found are that in Thailand, concerns about business continuity planning are at 67%. The country that gives the most importance to BCP is Singapore, which has as many as 71%

during the COVID-19 crisis. Make executives pay attention to that How to keep your business moving forward? By turning to rely more on digital technology. As for GRC, this is a continuation that follows when changing to use digital. How to manage and take care of it? What kind of risk management? Thailand is a country that gives importance to this issue at 79%, while worldwide it is at 73%. These two issues are big global and regional issues.

Second point “Accepting help from experts outside the organization” from this survey found that One of the main problems in Thailand is the development of BCP and GRC, which have a high level of development demand. But only 49% of executives accept help from outside experts to solve problems. This means that more than 51% of organizations Try to deal with problems and face digital transformation yourself:

51%, or more than half of executives in Thailand, try to solve problems in their organizations internally rather than hiring experts to help. This is the main finding of the survey. Therefore, it is interesting that even executives agree that this issue is the most important issue. But the percentage accepting professional help or receiving training is very low.

The reason why 51% of executives do not agree with using outside professional organizations to help solve problems or manage risks is based on many factors, such as business differences. Confidence in management The adaptability of people in the organization and how strong the organization is and how ready it is.

91% of executives in Thailand need training and assistance from experts outside the organization, but only 55% receive the necessary training. which is considered a low number This shows the risk that nearly half of Thai organizations are not yet prepared to cope with change. And not just in Thailand but in other countries as well.

When surveying the confidence of executives in managing BCP/GRC in Thailand, only 52% agreed that the management can manage it successfully. This is lower than the global average of 73% who agree that management is doing a good job dealing with COVID and digital transformation.

Third point “Digital Transformation Perspective” Another question that organizations need to answer is, if COVID will only be temporary, why is there a need to change? But as COVID continues to drag on, the culture in the organization needs to change as well.

From the survey it was found that Before the Covid situation Less than 10% of executives use online meetings. But during the COVID crisis, this figure jumped to 91% across the Asia Pacific region. And more than 50% of organizations will shift to hybrid meetings by taking advantage of online technology. It shows that if the company views the use of technology as a matter of solving immediate problems or solving short-term problems. It may be a misunderstanding.

Fourth point “Importance of Cyber ​​Security” Another interesting survey result is that 91% of executives in Thailand are concerned about the security of information leaks used to communicate online while working from home,

even though 91% are. See that data security is important But only 61% have decided to take action to fix or prevent this cybersecurity issue. This is a fairly wide gap between what we worry about and what we do.

The reason why only 61% decide to address cybersecurity issues This is the same reason as the previous survey where only 49% of executives wanted to use experts from outside the organization to help.

COVID has resulted in businesses having to adapt more online. And working from home is the new normal, so data security is a concern. A survey found that at the global level, cases of online data leaks increased by 141% from 2020, and recently it has been seen that large insurance companies have had customer personal data leaked from their systems. This happened in Thailand, Hong Kong, the Philippines, and Singapore. Cyber ​​threats or attacks don't happen just once, but happen every day. And hackers are always evolving. Therefore, executives need to be prepared and able to take care of the company's information security.

A survey found that only 5% of companies worldwide have prepared cybersecurity protection measures. This is a global problem not only in Thailand. What Tricore hopes is to see the management team allow experts outside the organization to come in and help. There is also training for the executive committee to have this knowledge.

๐ Advice from TriCore

Leonard Yong, Chairman of the Executive Committee of TriCore Group, and Dylan Ma, Managing Director of TriCore Thailand, introduce the organization. Various that in dealing with cyber security Must give importance to users such as employees by providing knowledge. and training on cyber security and principles for working safely online

Truly transforming into the digital age More than just an online meeting It goes into detail about using secure encrypted online documents. You should also consider choosing data management and security solutions that are appropriate to the level of importance of that data.

Making executives accept assistance or training from outside organizations It should start by giving experts an opportunity to check the health of the organization first. Either in customer care or internal administration. and listen to the evaluation of whether the external organization has services that can answer the needs that executives are looking for or not It is recommended to do an evaluation in the past 15 months, then experts will be able to recommend what tools should be used to help. And what experts should be present to help solve the problems that organizations are facing

? This is a very good time for Thailand. Because service providers are eager to develop Therefore it is the right time. to find experts outside the organization to help assess, give advice, and transform into true Digital Transformation, and the COVID outbreak is considered one of the catalysts for Digital Transformation It happens quickly in many organizations.