Business Continuity

Zika – Can We Predict the Next Pandemic Outbreak? (Pt 1)

Risk Institute Portraits Fisher Hall - Third Floor Feb-02-2016 Photo by Jay LaPrete ©2016 Jay LaPrete

By  Philip S. Renaud II, MS, CPCU
Executive Director, The Risk Institute
The Ohio State University Fisher College of Business

 

The World Health Organization (WHO) and other health organizations have called for top level meetings to address the Zika virus and its worldwide impact. Researchers first discovered the virus nearly 70 years ago. Very few cases were reported until 2007 when an outbreak on Yap Island in Micronesia infected nearly 70% of the population ages three years and older. The WHO has warned that the virus could potentially spread to every country in the Americas.

Companies need to focus on how they can mitigate the risk of Zika within the workplace. Does your company have employees in infected regions?

http://www.paho.org/hq/index.php?option=com_content&view=article&id=11554&Itemid=41715&lang=en

Image courtesy of Pan American Health Organization and WHO. Click for more info.

Do you have employees that travel to infected regions? Central to risk mitigation for any employer is to learn as much as possible about Zika and its potential impact to your organization.  Employers need to be flexible. Consideration should be given to delaying trips to infected areas, holding virtual meetings, etc.

An organization’s business continuity plans will need to be tested to respond to geographic specific exposure that could have wider impact upon the business and it customers.

On June 13th, The Risk Institute will host guest speakers, Julie E. Mangino MD, FSHEA (Division of Infectious Diseases, The Ohio State University, and Department of Epidemiology, OSUWMC), Professor Steve Rissing (Department of Evolution, Ecology and Organismal Biology, The Ohio State University), Nancy Green CPCU, ARM (Executive VP, Aon Risk Solutions) and Thomas E. Hopkins (Sr. VP Human Resources (retired), The Sherwin–Williams Company) will collaborate to provide insight into:

  • How evolutionary biology provides a road map into eruptions of Zika and other similar viruses.
  • The facts about the spread of the Zika virus and how to mitigate the fear factor.
  • The facts about prevention, treatment and links to specific birth defects.
  • How to prepare your business for Zika and other pandemic viruses, including business travel concerns.

This first session of our 2016-2017 Executive Education Risk Series will emphasize how to proactively use risk management to balance the risks related to Zika and wider pandemic planning in order to meet business goals and enhance business performance.

The session will provide thought provoking ideas and advance The Risk Institute’s unique role in uniting industry thought leaders, academics and highly respected practitioners in an ongoing dialog to advance the understanding and evolution of risk management. The Risk Institute’s conversation about risk management is open and collaborative with its relevance across all industries and its potential for competitiveness and growth.

 

On June 13, 2016, The Risk Institute at The Ohio State University Fisher College of Business will present the first session of its 2016-2017 Executive Education Risk Series, Zika – Can We Predict the Next Pandemic Outbreak? For more information, or to register, please visit http://go.osu.edu/Zika-u-osu.

 

Business Continuity Management: A Business Case Simulation

Risk Institute Portraits Fisher Hall - Third Floor Feb-02-2016 Photo by Jay LaPrete ©2016 Jay LaPrete

By  Philip S. Renaud II, MS, CPCU
Executive Director, The Risk Institute
The Ohio State University Fisher College of Business

 

Each and every day, businesses face the challenge of managing in the face of disruption. That disruption may be a result of a supply chain failure, natural catastrophe, cyber event, the list of disruptions goes on and on. With the volatility that businesses face, the need to structure proper business continuity / critical incident management plans has never been more important.

According to a recent study authored by Allianz Global Corporate and Specialty, 58% of participants reported that Business Interruption (including supply chain disruption) was a key risk to their businesses.  The Aon Global Risk Management Survey 2015 also lists business interruption as one of the top ten risks facing companies.

To quote Tony Hayward following the gulf oil blast that killed 11 workers and caused one of the worst environmental disasters in US history:

“BP’s contingency plans were inadequate. We were making it up day to day. What was going on was some extraordinary engineering. But when it was played out in the full glare of the media as it was, of course it looked like fumbling and incompetence.”

With this in mind, The Ohio State University Fisher College of Business, held a business case simulation exercise for students on April 15th. The event was cosponsored by The Risk Management Association (a student-led organization) and The Risk Institute. Participating students were divided into teams and presented with a fact-based scenario.  Students were then asked to prepare action strategy against the following “4 R” components:

  • Response (Protect Life and Property, Manage the Incident)
  • Resumption (Resumption of Time Sensitive Operations)
  • Recovery (Recovery of Other Operations)
  • Restoration (Repair/Restore Facilities and Content)

Students worked diligently during the day exercise to think through options, respond to life and safety concerns, communication challenges, manage customer expectations, etc.

Judges for the event were:

  • Keely L. Croxton, Associate Professor of Logistics, Fisher College of Business, The Ohio State University
  • A. Michael Knemeyer, Assistant Professor of Logistics, Fisher College of Business, The Ohio State University, and;
  • Daniel Oglevee, Senior Lecturer in Finance, Academic Director of The Fisher Executive MBA Program, The Ohio State University.

Business Coach for the event was Gregory Clark, a graduate of The Ohio State University Fisher College of Business.  Greg is now Global Lead, Business Continuity DHL Supply Chain. Greg provided very meaningful coaching for the students as they worked through the simulation exercise.

Students were pleased to be able to participate in an exercise that provided the opportunity to exercise material presented in the classroom with a real world, hands-on scenario. The Risk Institute is pleased to have an opportunity to prepare our students for events that they will experience once in business. As has been said on numerous occasions, anyone can manage an organization when things are going well – it is when things become difficult that true leaders emerge.

The session proved thought-provoking for the students and demonstrated The Risk Institute’s unique role in uniting students, industry thought leaders, academics and highly respected practitioners in an ongoing dialog to advance the understanding and evolution of risk management. The Risk Institute’s conversation about risk management is open and collaborative with its relevance across all industries and its potential for competitiveness and growth.

 

For more information about upcoming events, our students, partners or research, visit our website: fisher.osu.edu/centers/risk.