Operational Risks and COVID-19 – Emerging Risk Report: Issue 86

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Operational Risks and COVID-19 – Emerging Risk Report: Issue 86

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The year of the rat 2020 will go down in history as a year of unprecedented disruption globally and locally. It is already witness to a pandemic resulting in thousands of deaths, global economic impacts, businesses failing and widespread job losses. The tertiary education sector is not immune, with COVID-19 bringing a raft of risks, not least of which include the human health risks. Many of the strategic, financial and business continuity risks on university risk registers have already manifested and Members have put their response plans in place to reduce the consequences so far as is practicable.
The next wave of emerging risks will potentially present in the form of operational and asset related risks as more and more staff are required to work from home and on-site presence and observational capacity diminishes.
Vigilance, maintenance of process and procedures, along with imagining worst case scenarios, is the key as we move into the uncharted territory of largely vacant campuses for an extended period. If there is a power outage affecting your home, remember, there is a likelihood that your campus will be impacted as well. Also, if there is a supercell storm battering your home, it is likely hitting the campus too.
Imagine the worst, prepare for the worst, and respond for the best.
This report discusses the operational risks that may occur for Universities, higher education facilities, labs, colleges and campuses, research institutions, and other similar organisations under current and emerging circumstances, and what the risk controls for each area of risks are.

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If you’d like to read more about how to keep your buildings safe and functional, check out our “Building Risk Assessment and Resilience Guideline”

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