Abstract
The routine approach used in risk management is based on the scheme that within the prevention period an organisation or a state prepares for the expected risks and once the risks occur, resources and internal procedures are implemented to mitigate their negative consequences. The objective of the paper is to analyse risk management and its constraints, its application in COVID-19 period and based on it provide mitigating strategies for specific problems/risks related to COVID-19. The research methods related to the topics are: (a) study of books, newspapers and other internet resources and (b) interviews with COVID-19 managers at district and regional level in the north of Slovakia. The proposals for mitigation strategies are based on the basic assumption relevant for COVID-19 that there are risks with unknown probability and unknown consequences. Therefore, the mitigation strategies are adapted to the current situation, which includes lack of data and know-how, lack of experience, political and economic unrest and social problems. The impact of constraints is based on an ad-hoc or unplanned and clearly structured approach. Problems and risks are identified and mitigation strategies are proposed. The proposed measures (quantitative/qualitative) should be evaluated and via benchmarking the development and efficiency of applied measures monitored and assessed. The output of identified risk-known and –unknown creates a framework for implementation.
Highlights
The routine approach used in risk management is based on the scheme: within the prevention period, an organisation prepares for the risk and once the risk occurs, resources and internal procedures are prepared to mitigate the negative consequences
The objective of the paper is to analyse risk management, its application in COVID-19 period and based on it provide mitigating strategies for specific problems/risks related to COVID-19
The idea of the paper was to present the relationship of COVID-19 consequences with the risk management framework
Summary
The routine approach used in risk management is based on the scheme: within the prevention period, an organisation prepares for the risk and once the risk occurs, resources and internal procedures are prepared to mitigate the negative consequences. The preparation is formally explained in a specific emergency plan that relates to the specific risk, risk events. This plan includes relevant resources, communication and procedures in case of an occurred risk. The objective of the paper is to analyse risk management, its application in COVID-19 period and based on it provide mitigating strategies for specific problems/risks related to COVID-19.
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