Business Continuity Guidelines for Covid-19 Pandemic Risk


The Risk
It is no news that COVID -19 (Corona Virus) has risen to the top of the global risks and country risks in several continents of the world - Asia, Europe, America, Australia, and slowly, Africa.

Impacts - Actual & Potential
Total reported cases worldwide of 204,060, with total death of 8,250, and 82,866 recoveries as at 18th March 2020.
Catastrophic Paralysis of Productive activities and severe Business Interruption in epicentres with Lockdown of Movement, Travels, Crowd Centres, Factories, Stadia, Church, Entertainment Centres etc.

Catastrophic Contingent Business Interruption due to global interdependencies of business processes and paralysis of logistics operations globally.

Devastating sudden decline of stock markets globally, crude oil prices from about $70 to about $33 per barrel etc

Automatic blowdown of National Economic Prospects, Budget and Plans across the globe and imminent Global Economic Recession with potential for escalation to Economic Meltdown.

Controls
Hygienic measures and processes already widely communicated in formal, social media and other communications.
Isolation of suspects and contacts of the infected
Encouragement to practice advocacy by observing people around and correcting any negative behaviours that may activate the virus.
Diagnostics, tests and treatment processes of those who tested positive.
Cancellation or Postponement of crowd events, travels, meetings, conferences, sports. etc.

Business Continuity Actions 
Conduct Impact Analysis of COVID -19 on your Company or Business.
Assess Exposure to your Human Resources, Production, Operations & Supply Chain
Evaluate the Exposures to your Customers and Clients 
Review your Supply Chain Processes & Their Resources and come up with interim solutions for noticeable gaps. 

Investigate the role of your Service Providers, Visitors & active Stakeholders 
X-ray your 2020 Business Plan & Budget vis-a-vis the evolving shockwave of the domino effect of the Pandemic, especially as it weakens the strength of the global economy. 
Evolve a practical and achievable survival Business Continuity solution for your company.
Think through any “Upside” or Opportunity associated with the disruptive crisis for your business. 

Review the application of Insurance & Risk Transfer Solutions to the inevitable losses imposed by COVID-19.

For further professional assistance, contact IBN Risk Solutions

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