Australian businesses wanting to develop a risk management plan in response to the coronavirus outbreak are being challenged by the scale and rate at which it is evolving.
Although historic pandemics can offer some insight, it’s impossible to predict how this virus will unfold. Containment efforts or a new vaccine could thwart the virus’s spread and avert a pandemic. Alternatively, in a worst-case scenario, as much as 40% of our workforce could be infected for up to 10 months.
In an ideal world, companies will have planned for such crises and have risk mitigation and management strategies in place, ready to execute.
The reality is that very few will be in this position and that right now plans are being developed to mitigate potential impacts.
Now is the time to prepare, not panic.
Read the article The Coronavirus and Your Supply Chain.