In one of the more unusual incidents being attributed to the new Wuhan COVID-19 or Coronavirus outbreak, a turf war between dozens of street monkeys and temple monkeys broke out in Thailand’s historic city of Lopburi (https://lnkd.in/eFuJhrp). According to city residents, the furry fracas likely resulted from a sharp dip in tourism to the 800-year-old city — and thus a dip in free food offerings to thousands of local monkeys. We doubt the local residents of Lopburi considered this risk when the COVID-19 story first broke.
So this begs the question, have you thought about how you assessed your supply chain, business continuity and crisis plan to account for critical dependencies and a variety of other possible impacts.
A business impact analysis is very helpful to identify risks and consequences organizations face as they try to navigate today’s high-risk business environment. Specifically, it should provide insight into physical, operational, and systemic risks. Identifying risks and managing them appropriately can give organizations competitive advantages.
Practice Pointer: Risks change! It’s critical to continuously evaluate the situation, because new risks may emerge and risk previously identified may have a different velocity and thus the speed of impact might change – some may slow and some may increase.
Take the time now in order to avoid having the monkey on your back and suffering the negative impact of poorly managed risks!
Stay safe and please call us for any questions you might have.
We are here to protect and preserve!