Relations of COVID-19 and the Risk Management Framework

Jozef Klucka, Rudolf Gruenbichler and Jozef Ristvej
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Jozef Klucka: Department of Crisis Management, University of Žilina, 01026 Žilina, Slovakia
Rudolf Gruenbichler: Faculty of Mechanical Engineering and Economic Sciences, Institute of Business Economics and Industrial Sociology, Graz University of Technology, 8010 Graz, Austria
Jozef Ristvej: Department of Crisis Management, University of Žilina, 01026 Žilina, Slovakia

Sustainability, 2021, vol. 13, issue 21, 1-15

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.

Keywords: COVID-19; SARS-CoV-2; risk; risk management; framework; strategies (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
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