TABB Group Advises Firms Avoid Pandemic Panic, Offers 9-Step Plan Preparing For Possible WHO Level 6 Pandemic

Main Category: Swine Flu
Also Included In: Flu / Cold / SARS;  Public Health;  Respiratory / Asthma
Article Date: 30 Apr 2009 - 6:00 PDT


According to the Associated Press, the World Health Organization warned that the swine flu outbreak is "moving closer to becoming a pandemic," with WHO flu chief Dr. Keiji Fukuda telling reporters in Geneva that although the virus was not slowing, the health body was not prepared to raise its pandemic alert to the next level, phase 5, the highest being 6. This afternoon, in commentary published by the financial markets research and advisory firm TABB Group, financial services firms are cautioned not to succumb to the pandemic panic spread by media trumpeting the arrival of swine flu.

In the commentary, Alex Tabb, partner and head of TABB's crisis and continuity services practice, says, "the end is not near, and although swine flu does represent a significant public threat, the nature and full extent of that threat remains to be fully determined. Unfortunately, the media impact is already being felt. Turn on the TV and radio, check online news sites' headline pages and open email news blasts. Media coverage can best be described as helping create a 'pandemic panic.'"

The question, adds Tabb, "is what firms do to combat the potential swine flu pandemic once you dial down the fear and allow cooler heads to prevail?" TABB Group offers a nine-step plan for firms to use in preparing for a possible phase 6 level pandemic, the highest level on the WHO scale, to assist in identifying the potential impact of a pandemic and mitigating its affects:

1. Do not panic: The presence of a new strain of flu does not mean that the world is coming to an end. Flu pandemics occur on average once every 25 to 30 years. The last major one occurred in 1968, and while they do occur, not every flu pandemic gives rise to a national emergency. Before making rash decisions, consult with an expert, validate your information and ensure that you are acting on reliable information, not cultural zeitgeist and media palaver.

2. Educate your team: Explain how they can do to protect themselves by washing their hands, the best defense in contracting the disease; covering their mouth when sneezing; and understanding symptoms correctly.

3. If you have a plan, test it: This reinforces a firm's commitment to taking issues associated with pandemics seriously. Test baseline-planning assumptions to determine and ensure they remain valid. Demonstrate your commitment to the continuity of the business.

4. No plan? Develop one: The great pandemic of 1918 lasted over 18 months, and while there is no indication that this pandemic will last as long, time is one your side. Pull together a team of operations, logistic, technology and planning experts and begin developing a business continuity plan.

5. Communicate: Firms survive or fail based on their ability to communicate prior to, during and following a crisis. Communicate to staff and customers, ensuring they understand a plan is in place and their assets are safe and accessible.

6. Use technology effectively: Understanding your technical footprint is critical to gaining a clear understanding of what can be realistically accomplished.

7. Understand what can be accomplished: Maintain a flexible approach to telecommuting. Firms with a distributed work environment are more likely to operate, maintaining the status quo during a pandemic. Unfortunately, whether it has to do with technology, compliance or logistics, not every firm's business lends itself to telecommuting or a distributed work environment. Understand what can be accomplished in a short amount of time, then plan realistically to succeed.

8. Know your next step: Being caught "flat footed" is not an option. Think about future contingency plans.

9. Again, do not panic: Panic can lead to poor decision-making. If an incorrect decision is made, stop, reassess the situation and readjust your course.

"Anyone following local, regional, national and international news during the past 48 to 72 hours would be hard-pressed not to believe that Death, the Fourth Horseman of the Apocalypse, is about to arrive at your doorstep, demanding his toll. Avoid the media hype, pay attention to proper hygiene, plan for the continuity of your business and know that the end of life as we know it is not just around the corner and the only thing that remains is to turn out the lights and wait for the end," cautions Tabb.

Alex Tabb is an expert in international affairs, with specialization in the developing world, crisis management, international security, supply chain security and travel safety and security. He joined TABB Group in October 2004 from Kroll Inc., the international risk consulting company, where he was the associate managing director of their Security Services Group.

About TABB Group

TABB Group is the financial markets industry's only research and strategic advisory firm focused exclusively on capital markets. Founded in 2003 and based on the proven interview-based research methodology of "first-person knowledge" developed by founder Larry Tabb, TABB Group analyzes and quantifies the investing value chain from the fiduciary, investment manager, broker, exchange and custodian, helping senior business leaders gain a truer understanding of financial markets issues. For more information, visit http://www.tabbgroup.com/.

Source
TABB Group

Further information on Swine Flu

• See a Map Of H1N1 Outbreaks
• See our Mexico Swine Flu Blog

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