Key Takeaways from the Webinar: Coronavirus and the short to long-term implications for business

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On February 27, AmCham hosted a webinar hosting Control Risks on ‘Coronavirus and the short to long-term implications for business’. This is our second online and complimentary event under our COVID-19 series. Below are some of our key takeaways if you missed it.

Punch-in-the-face challenge for businesses with the biggest concerns in:

  • Disruption of the entire supply chain
  • Difficulty to get shipment through ground transportation, and increased costs
  • Getting production workers back to work (only 30-50% resume work while others are nervous to get back)

Getting back on your feet: crisis management & recovery teams

  • Companies should manage the crisis by setting up a recovery team alongside a crisis management team to devise a recovery plan for short to long term.
  • Make short-term decisions based on long-term views and your company’s objectives

No one is pain-free: how to deal with the situation?

  • Proactively and effectively communicate with employees, suppliers and customers.
  • Have a business continuity plan
  • Have a crisis management plan

There are much more unknowns about COVID-19 than the knowns:

  • Be mindful of sources of information

Opportunities are possible: “Think about it, work around it, and plan for it”

  • Crises always happen suddenly. Companies should look beyond solving a crisis and turning it into an opportunity.

Information about our speakers

  Michael Hickman, Principal, Integrity Risk and Crisis Management consulting practices in for the Greater China and North Asia at Control Risks Pacific Limited
  Kent Kedl, Senior Partner of Greater China and North Asia at Control Risks Pacific Limited
  Ling Jin, Director of Control Risks Pacific Limited (Moderator)

View Control Risks' latest Q&A report here.