(COVID-19) BUSINESS IMPACT AND RISK RESPONSE
21 May 2020
COVID-19 is a new virus. The lack of immunity in the population and the absence of an effective vaccine mean that COVID-19 has the potential to affect huge numbers of people. The current modelling data seems to show that the people all around the world have been significantly affected and so the businesses are.
The rapid outbreak of the virus also presents a significant business challenge. Many businesses are having to test their preparedness in real time as they evaluate the potential impact it may have on their operations, supply chain and employee well-being. Some businesses are finding it difficult to meet their contractual obligations despite their best intentions. Industries that may be particularly affected include events, tourism, manufacturing, logistics, retail and Food & Beverage.
Your business may be facing similarly difficult questions in terms of how to respond to the consequences of government restrictions and guidance. This includes preparing for and managing staffing issues, complying with contracts and managing business partners who are unable to deliver.