07.05.2020

Corona: General risk management procedures

This article is part of our continually updated corona resource center.

Organisations can consider the following measures address the issues mentioned above and mitigate effects on their business:

  • Clear assignment of communication responsibilities to manage the information flow.
  • Review of the company's business continuity plan and set up of a centralised team to deal exclusively with these issues.
  • Organisations may want to consider including a representative of each relevant business function (e.g. human resources, finance, legal, etc.) in the centralised team.
  • Organisations should consider introducing a document logging system to demonstrate due diligence in relation to the organisation's decision-making and be prepared to defend against claims from contracting parties.
  • It is also important to maintain accurate and thorough records of any losses arising from such events to ensure that all future claims against counterparties in respect of these losses are fully documented.