Brian Shilhavy - Editor, Health Impact News
reports that Johns Hopkins University had predicted that Taiwan would have the second most COVID-19 cases in the world, due to its close proximity to Mainland China.
But astonishingly, in spite of being only 80 miles from the coast of China with over 400,000 of its 24 million citizens working in China, as of mid-April, the country only had 400 cases of COVID-19, and only 6 deaths. And the vast majority of their 400 cases came into the country from abroad.
All of this has happened without shutting down the country with lock downs, and with almost all of its businesses continuing to operate. Is Taiwan doing something else the rest of the world is largely missing?
The island may be small, but the country is a regional and worldwide powerhouse. It’s the 21st largest economy in the world (19th if counting by PPP), despite having a population of just 24 million. It ranks 11th in GDP per capita, comparable to Denmark and Sweden.
It’s also an important partner with Communist China as one of the leading investors, trading partners and bankers for the PRC. Consequently, Taiwan hosts quite a bit of contact with the PRC.
For comparison sake, the United Sates saw about 3 million visitors from China in 2018, while Taiwan hosted 2.6 million visitors from China in 2018.
That’s why the results from Taiwan in fighting China’s Wuhan flu—as they call it in Taiwan—is so extraordinary.
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The coronavirus or COVID-19 presents significant risks to your business .
Some key questions are front of mind
Similar to Eli Goldratt’s “theory of constraints” methodology to achieve your goal is to
Here are the 4 steps of risk management to help you navigate through the crisis
Priyabrata Sahoo unpacks this into 4 sections
1. IDENTIFY and ASSESS THE RISKS
Before you can mitigate the risk - you need to know what the risks are - (the basic premise of what you can measure you can manage.
These are the 5 areas of risk to look at in a business
Strategic Risk
– make sure you have strong leadership , with a clear purpose and solid values
Operational Risk
– This includes your
Financial Risk
– Financial risk increases when your business is facing hurdles - it’s easy raising finance when things are good - try get a loan from your bank when revenues and margins drop!
Reputation Risk
– The way your business handles the crisis will affect the way your customers look at you in the future. Good leadership will make your business shine in times of crisis - potential acquisitions and opportunities will flow.
Digital Risk
The role of technology to automate functions that rely on people becomes paramount when people get isolated.
cyber security is a biggie
The weaknesses and threats of the SWOT analysis - should clearly identify these risks (ps ... be sure to identify the strengths and opportunities as well)
Identify what the biggest risk is from COVID- 19. Infection to those who may be at risk may include
Ensure there are Business continuity systems and strategies - Are there disaster recovery (DR) strategies across your organizational functions, to improve response time during critical events, and more.
Ensure there is an Internal Audit risk assessments and define action plans to remediate issues and monitor them to closure.
Risk assessment is key in managing risk , improving safety and improving business performance!
How to Assess Risks
Steps to follow are:
The steps in risk assessment steps include risk analysis, risk evaluation, risk communication, and risk response.
Depending on your industry, company size, location, and other factors, you can make a wide range of preparations. Your risk response should be driven by the decision of risk acceptance, reduction, sharing, avoidance or complete elimination of each risk.
Below are some common areas that will help you plan your risk mitigation:
After you have put all risk mitigation strategies and controls in place, you need to do auditing to check if all is working well.
The use of audit functionalities on smart devices has been greatly transforming the changing audit landscape.
This is done by
Ian Abrahams - Corprofit - Developed a risk management system called “knowrisk”
4. PUT A BUSINESS CONTINUITY AND RECOVERY STRATEGY IN PLACE
Whether you already have a business continuity plan or are putting a plan in place now, consider addressing COVID-19 in the plan.
A continuity plan calls out the critical and time sensitive applications, vital records, processes, and functions to be maintained, as well as the personnel and procedures necessary to do so, while the entity is being recovered. It needs to have six major components:
Data critical analysis and data back-up plan ( DCA & DBP ),
Business Continuity Plan (BCP),
Emergency Response Plan (ERP),
Contingency Testing Plan (CTP) and
Disaster Response Plan (DRP)
Here are a few important steps to follow while creating a plan:
This crisis - we’ve been here before - and we will probably be here again.
For your business to survive and thrive in a crisis you will need a risk management and business continuity plan in place, so you can take advantage of the opportunities that present itself .
