Thedeadly Coronavirus has spread over more than one hundred countries across theglobe including the US, Europe & Asia; thus hitting the import exportmarket badly. The Covid-19 shows an exponential growth and is a threat to thepeople around the world. The symptoms of Coronavirus are similar to cough &cold facing problems in respiration, fever, cough and kidney failure. Despitehigh alertness & effective precautionary measures it has crossed 60 casesacross the country from J&K to Kerala as on 11th March 2020. It has beenobserved that people are facing many unknown diseases on eating flesh of someanimals and it will be more deadly protein when consuming in uncontrolledfashion. It is a historical fact that business continuity is directly relatedto the health condition of any society; this is also a part of Business RiskManagement rule book. In an analysis, in most of the areas in Asia people areeating all those animals having four legs without considering the nature offlesh. It may be due to unpredictable weather across the Asian countries thatpeople are eating meals having high protein content. While as in case of hotAfrican countries people mostly eat flying birds including bats having highsonic hearing features. The people in Africa are facing a non-communicablevirus known as Ebola.
Atthis critical juncture we have to credit China for construction of hugehospitals within a record time and getting it functional to handle theCoronavirus affected persons. First immediate step taken by the authorities ofChina was banning the hunting of wild animals in order to stop the eating ofthese animals. The step is taken to save further damage caused by the deadlyvirus beside it came under the purview of Business Risk Management module thatshould have been taken well before the development of Coronavirus disease.
IncludingForeign Exchange & Market Risk the Business Risk Management coveringIndustry risk, political risk, country risk and people risk under OperationalRisk head. After the outbreak countries across the globe stopped the interstatebusiness particularly to import the items from China. The data showed asignificant decline in China’s export business graph which ultimately affectedbadly the China’s economy. This ignorance of Business Risk Management do notonly disturb the China’s economy but also in India many manufacturing unitsbecome defunct due to absence of material imported from China. Ignoring theCountry & People risk these factories were making products mainly byimporting the parts of products from China and then selling a finished productin Indian market. More companies were serving as mediator by importing productsand directly selling it to the dealers herein India. The said process not onlyimpacted the economy but also discouraging the entrepreneurship development.Number of flights getting stuck or facing cancellation as a precautionarymeasure to spreading the virus can be seen as a major setback to importbusiness. Many countries stopped the export of protective medical equipment& medicine to other countries and India banned the export of Paracetamol.It also impacted the petroleum products, foreign textile & luxury carshence the importance of local market & entrepreneurship. As long as weencourage local goods & products the economy will grow faster and we willqualify the Business Risk Management complainant. It is for the first time inthe history that whole world is struggling hard to find an effective medicineand vaccination to control this unpredictable disease & virus. Even thoughthe situation is under control but looking grim as it confined the people totheir homes. As a precautionary measure the decision took by the administrationto close down all schools, colleges, sports events and other large gatheringswas a major relief to public.