Risk management and mitigation plans are about to be tested as the world is currently confronted by threats of a Covid-19 plague. No one knows for sure how and when the epidemic will affect a country, but the World Health Organization (WHO) and the Centers for Disease Control (CDC) is urging everyone to prepare.

U.S. president Donald Trump is brushing off the threats of an infectious disease epidemic, stating the opposite of what expert health officials are saying. Trump also claims that a vaccine that will cure the coronavirus infection is already underway. Yet the CDC is keeping everything transparent; letting the public know that even if scientists are at work to develop a cure, testing and production of the vaccine will take 18 months at the least.

Moreover, during the initial stages of the vaccine’s distribution and administration, treatment of those who are already infected will be the first concern. The rest will just have to stay safe by following the precautionary measures recommended by health officials; until such time that the vaccine has been mass produced.

Since the CDC cannot say when the spread of the Covid-19 virus will reach epidemic levels, business owners, experts in residence property management, employers, administrators, operators and community leaders, must start applying their mitigation measures in order to make less severe, the impact of a Covid-19 epidemic.

Why is Risk Management and Mitigation Important?

First off, know that risk management involves identifying the wide variety of threats that an institution or organization faces. At the same, it requires finding and/or formulating the most effective solution to control or prevent the impact of such threats when any becomes a reality.

The CDC has confirmed that there are now two cases of person-to-person communication of the Covid-19 disease; one in California and another in Illinois. It has therefore become inevitable that the contagion will continue to spread, while the agency continues to track down persons who need to be quarantined.

The moment the spread of the novel coronavirus became inevitable, the CDC took another step in mitigating the risk faced by the nation. The act of informing the public, raised awareness about the need to protect oneself against potential infection. The CDC announcements have made more people attentive to the dangers posed by crowded places and of holding or attending social gatherings.

Rather than resort to self-medication, sick individuals will seek professional medical attention and care. When diagnosed as infected, they will readily agree to be kept in isolation in order to avoid the disease from spreading further.

Infectious disease outbreak is an occurrence that can greatly affect public health. It is also a risk faced by the economy because poor public health will lead to loss of wages or earnings and eventually, inability to buy, attend, participate or take part in any economic activities.

Inasmuch as 70% of the country’s economy relies on consumers and their spending, it is important therefore to mitigate the impact of such risk as early as possible.