The importance of business continuity during the coronavirus shutdown
JOBURG – The executive director of business and specialist insurance at Indwe Risk Services, Steyn McDowallsaid that while black swan events are thankfully few and far between, the business continuity plan allows a worst-case scenario modelling.
South Africans have been using humour to deal with the coronavirus outbreak and it appeared after President Cyril Ramaphosa’s address on 15 March, that some people were taking the announcement with a pinch of salt.
However, the country’s citizens have finally seen the severity of the outbreak and have decided to heed the president’s call to exercise caution to prevent further spread of the virus.
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Speaking on the outbreak, executive director of business and specialist insurance at Indwe Risk Services, Steyn McDowall, said the past week had shown a glimpse of things to come, as the impact of the virus on global financial markets had been significant. In part, this could be attributed to supply chain interruption due to cities and even some countries going into a total state of lockdown.
McDowall said, “The reality is that companies must develop robust strategies to prosper in these uncertain times while they are part of an interdependent global community.
“Irrespective of the scenario, a business continuity process or plan is activated when an event occurs that has the potential to interrupt standard operations. The difference is that the COVID-19 virus has made this a reality for every organisation, irrespective of size or industry sector.”
McDowall added that while black swan events [unpredictable event] were thankfully few and far between, the business continuity plan allows a worst-case scenario modelling. This should ensure that all impacts arising from an event were considered, regardless of the likelihood of an occurrence.
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