EOX Vantage Blogs

Published in CHART Exchange | July 2020 issue
Author: Mike Fieseler

In just a few months, the COVID-19 pandemic has completely changed the world, basic human interactions and how companies do business. Being in risk management and mitigation guaranteed the insurance industry would not be an exception. The global crisis forced insurers to react quickly and comprehensively.

Many states in the U.S., and some entire countries, have issued restrictive orders in response to COVID-19. With Stay-at-Home and Shelter-in-Place orders being enacted, the time has come to review your business continuity plan - if you have not already.

How Cleveland-Based EOX Vantage helps companies continue effective operations

The coronavirus in China isn't just impacting world health. Across many industries, businesses are experiencing service disruptions as corporations across China remain closed in the aftermath of the outbreak. Wuhan, the epicenter of the coronavirus outbreak, is a hub for manufacturing, shipping, and worldwide commerce that continues to suffer significant impact from the spread of this epidemic.

The season is beginning to change, the sun is out longer, the days are getting hotter and moods are lifting. Don’t “Spring” to conclusions too fast…remember we still need to get through tax season first. Who doesn’t love filing their taxes, filling out the countless forms and adhering to the ever-changing tax regulations? Each year, the IRS makes changes to the ways in which taxes are filed, and this year the “hot topic” is the Standard Deduction increase.

Palms sweating and hands shaking, you tear open the envelope only to be hit with the notice no one wants to see…. you’ve been fined. You ask yourself, "How could we possibly be hit so hard again?" You don’t have millions of dollars to shell out on compliance issues that could have been avoided. Where are these issues stemming from? The answer is simple. Banks constantly receive fines from customer complaints due to failure to abide to regulatory compliance, which can lead to major fines and reputation damage (no one wants their name dragged through the dirt).