Tag Archives: SARS

Immediate Vault

3 Key Risk Management Responses to the Coronavirus

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The novel coronavirus 2019-nCoV continues to spread throughout China and other countries, seriously impacting business operations around the world. As governments and companies act to protect their citizens, operations and employees at home and abroad, these actions threaten to produce business interruptions, travel risks and other effects that could be detrimental to business continuity.

On January 30, the World Health Organization (WHO) declared the virus a global emergency, meaning that it is a threat beyond China, after more cases have appeared in other countries around the world.

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According to the New York Times, the WHO has only made such a declaration five times since 2005. The virus has killed more than 400 people (including 2 outside mainland China) and has infected more than 20,000 in more than 25 countries.

In addition to the cancellation of major public events in China (including celebrations of Chinese New Year), many international businesses have curtailed their operations there since the outbreak. According to Bloomberg, this includes Starbucks (which closed more than half of its shops), Toyota (which stopped production), McDonald’s and KFC (which both closed restaurants), and Disney (which closed its resort in Shanghai), among others.

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Some international companies have instructed their employees to work from home to limit exposure as the virus spreads, and Amazon, Microsoft and other tech companies also limited employee travel to and from China.

China has maintained mass quarantines of areas with high number of infections, including Wuhan, the origin of the outbreak, and some other countries are also taking extraordinary steps to limit the virus’s spread. Last week, Russia sealed its entire border with China and cancelled all trains between the countries except for a single train line between Moscow and Beijing. Japan is currently quarantining more than 3,000 people on a ship after a passenger tested positive after departing the ship, while the United Kingdom has advised its citizens to leave China. And the United States issued a proclamation suspending entry for non-citizens who spent 14 or more days in China before attempting to enter the United States.

The Center for Disease Control (CDC) stated that the risk for people in the United States is “considered low at this time,” with elevated risk for individuals who may have increased exposure—such as healthcare workers and others in close contact with patients with the virus. However, companies should still act to protect their operations and employees, especially if operations require international travel and if supply chains depend on Chinese business continuity. Here are three approaches to limit risk from the coronavirus:

1. Take Travel Precautions

The CDC has recommended avoiding all non-essential travel to China, and the U.S. State Department has asked people not to travel to China. If travel is essential, the CDC suggests avoiding contact with sick people, any animals, animal markets or products made from animals. If traveling employees are older, they should take extra precautions, since, “older adults and people with underlying health conditions may be at increased risk.”

2. Develop a Response Plan

Medical and travel security services firm International SOS also recommended that businesses have regularly-updated and evaluated business continuity plans in place to ensure smooth response to incidents like disease outbreaks. The Institute of Risk Management South Africa (IRMSA) recommended preparing a specifically-focused “Pandemic Preparedness Plan” or updating previously prepared plans to reflect current circumstances to ensure business continuity.

IRMSA also suggested creating a group within the company, chaired by a senior staff member, able to make quick executive decisions for the organization in response to any coronavirus-related impact to the business and prepare decision-making processes for future incidents.

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3. Consult Reputable Information Sources

Relying solely on reputable news sources, like government disease control agencies and reliable media, can help when evaluating and taking courses of action to reduce risk. Conspiracy theories about the coronavirus have spread rapidly, including misinformation about its source, how to protect against or treat infections, and the number of people affected. Misinformation has also resulted in discrimination against Chinese-linked businesses and people of Chinese heritage, as well as East Asian people in general. Disseminating clear, reputable information to all employees, especially those traveling, can reduce risk of infection and impact on business operations.

Bird-Flu-Proof and Delicious

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The Black Death. Smallpox. Cholera.

The names alone are enough to send shivers down spines. There’s just something frightening and sinister about diseases that can spread like wildfire and quietly kill millions. It comes as no surprise, then, that whenever the possibility of a pandemic is even whispered these days, countries are thrown into states of frenzy. Who could forget the SARS scare of 2003 or even the recent concerns about swine flu? The news isn’t all bad though. Scientists in the UK have unveiled new genetically modified (GM) chickens that can’t spread bird flu to their other feathered friends.

H5N1 influenza, more commonly known as bird flu and the subject of a July 2006 Risk Management cover story, has a history of wreaking havoc among people and poultry alike. In the past decade, outbreaks of H5N1 in Southeast Asia have claimed hundreds of human lives. Millions of chicken flocks have also been destroyed as health organizations attempt to stem the spread of the disease. Bird flu, therefore, presents challenges from both economic and health standpoints.

The genetically engineered chickens can ensure greater food security, as well as protect poultry farmers from economic losses, in areas where bird flu is prevalent. Furthermore, eliminating the transmission of H5N1 between birds also reduces the risk of the disease being passed on from chicken to human, thus lowering the risk of flu epidemics. The secret lies in a special decoy molecule in the GM chickens that prevents the virus from replicating and spreading.

Don’t expect GM chicken to be on Sunday night’s dinner menu though. There are a number of political and economic obstacles that must be surpassed before these chickens can be bred on commercial farms, not to mention that the public is still wary about food that has been scientifically tampered with. The British scientists predict that it will cost about $79,000 just to produce a few chickens that can be bred. Although feasible for affluent nations, the price tag is too high for the developing countries that need the most protection from bird flu. The ultimate goal, however, is to engineer a chicken that will be resistant to the H5N1 disease completely.

While prospects look good, don’t count your chickens just yet.

Top Ten Disasters of the Past Decade

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Zurich has unveiled its list of the “Top Ten Megadisasters” of the past decade. The usual suspects pretty much (listed chronologically — not by their “overall business impact,” which is the basis for the list).

1. 9/11 – 2001
2. SARS – 2003
3. 2003 U.S. / Canada power outage – 2003
4. 2004 Indian Ocean earthquake and tsunami – 2004
5. Hurricanes Katrina, Rita and Wilma – 2005
6. Financial crisis – 2008
7. China earthquake – 2008
8. H1N1 pandemic – 2009
9. Iceland volcano – 2010
10. Floods in Europe and Pakistan – 2010

I have to admit, I would have probably completely forgotten the 2003 blackout if I was playing Family Feud and had to come up with all 10 — and I even wrote a cover story for Risk Management magazine about it.

Obviously, catastrophes that weren’t included like the Haiti earthquake, Cyclone Nargis and Bam earthquake were horrific tragedies, but the insurance penetration in those areas is so minimal that the ghastly human tolls did not have a large affect on the industry.

Let’s all dearly hope that the next decade is tamer.

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Ninth Ward. New Orleans. Post-Katrina.