Among the different business in India , the risk included are most of natural calamities or the infectious disease.
This pandemic has forced all of the business to know the importance of the risk management as they are undertake the drastic change in the business. This changes has been forced by the nature and the spread of the pandemic and that’s because of the change in government regulations.
The ability to do the business and to face all the challenges or how to survive in the crisis totally dependent on the teams ability to do assessment. They have the a crucial role to play in the legal work , taking the contractual risk.
The pandemic causes loss of life, economic loss and even further leads to change in human behavior and reaction.This Traditional risk management consist of four stages; prevention detention,response and mitigation.This period needs to establish a crises cross functional crisis management task force. The first priority should be taking care of people.
The legal team should aim to strike a balance between risk management and enabling business in such a manner that it would ensure the minimum disruption.