Coronavirus should trigger risk management protocols: Experts The coronavirus outbreak that originated in Wuhan, China, and has spread to 23 other countries to-date, has potential business interruption implications for companies though the impact on the global insurance industry is likely to be limited, experts say. As travel restrictions increase, the outbreak highlights the need for multinational companies to review their business continuity plans for a pandemic-type event and for employers to determine an appropriate workplace response, experts say. An event like this drives home the need for companies to have contingency and business continuity plans for a wide range of scenarios, he said. From a risk management and an insurance perspective, this is about awareness, said Lance Ewing, executive vice president, global risk management & client services at Cotton Holdings Inc. in Katy, Texas, and a former president of the Risk & Insurance Management Society Inc. in New York. For example, having a business travel accident insurance policy in place will allow a company to extract its healthy employees from places like China, he said. Its now time for the business travel accident policy to earn its premium keep, Mr. Ewing said. Potential general liability exposures could also arise, so risk managers should examine the exclusions in their companys insurance policies to see whats covered or not covered, and to engage with their insurance broker, he said. From a risk management perspective, having a business continuity plan in place for pandemic-type events is key, experts say. 5.1 Explain in detail the following three high level options available to the organisation for controlling the risk identified in the extract above: 5.1.1 Retaining the risk (3 marks) 5.1.2 Reducing the risk (3 marks) 5.1.3 Transferring the risk (3 marks) 5.2 Explain how an organisation could prepare for an unexpected significant loss incident which could threaten the survival of an organisation. (5 marks) 5.3 Explain how and why the risk management process should be monitored and reviewed