Businesses around the world are facing catastrophic losses as COVID-19 forces them to scale back operations or close their doors entirely. E.g. preliminary operational risk impacts of the pandemic on Australian universities have been estimated at between $1-3 billion (https://www.smh.com.au/politics/federal/universities-have-12-billion-war-chest-to-confront-coronavirus-crisis-20200219-p542c0.html).

1. Operational risk is defined as the risk of direct or indirect loss resulting from inadequate or failed internal processes, people, and systems, or from external events. How is COVID-19 an operational risk event for Universities?
2. Over the last 8 weeks, we have often discussed the management of uninsurable risks (or risks with limited insurance options available). What options does that leave organisations (e.g. universities, companies, government organisations) who had identified this risk as being material?
3. How do you think risk transfer options may change following the coming years as a result of COVID-19? Who will provide this insurance? and what will be the biggest challenges?