While most large corporations and government departments have their own crisis management teams, not many make their preparation plans for problematic situations public knowledge. However, in the light of the spread of the coronavirus now known as COVID-19, cryptocurrency exchange Coinbase have published online their escalation plan for “…external consumption in case helpful to other companies.”
The Coinbase strategy is based around ensuring the well-being of their staff and contractors as well as the continued operability of their own offices. Each level of the plan activates depending on certain criteria around the number of reported infected cases in close proximity to a Coinbase office or a government enforced quarantine area.
For example, within the response level framework, phase one will come into effect offering employees the choice to work from home should more than 100 cases of person-to-person virus transmissions occur outside of a hospital setting and within commuting radius of a Coinbase office.
Coinbase admit that in the unlikely event the phase three of their plan should come to be activated then infected cases have escalated considerably and local virus “…containment has failed, it’s going to be wild.”
Having accurate, up-to-date infection rates is key for any crisis plan of this nature and Coinbase state they are using multiple sources to gather this information including the “…World Health Organisation (WHO), Centres for Disease Control and Prevention, local public health offices and retained consultants.”
Such widespread intelligence gathering is necessary as since the outbreak of COVID-19 statistical data has been a contentious area of debate with some elements ofย mainstream media questioning how the infected rates are determined.
Despite the drastic quarantine measures seen in China, which reportedly has seen more than half of the country’s population under lockdown, the World Health Organisation has steered away from calling the spread of the virus a pandemic.
๐๐ฉ๐ช๐ด ๐ช๐ด ๐ต๐ฉ๐ฆ ๐ต๐ช๐ฎ๐ฆ ๐ง๐ฐ๐ณ ๐ง๐ข๐ค๐ต๐ด, ๐ฏ๐ฐ๐ต ๐ง๐ฆ๐ข๐ณ.
๐๐ฉ๐ช๐ด ๐ช๐ด ๐ต๐ฉ๐ฆ ๐ต๐ช๐ฎ๐ฆ ๐ง๐ฐ๐ณ ๐ด๐ค๐ช๐ฆ๐ฏ๐ค๐ฆ, ๐ฏ๐ฐ๐ต ๐ณ๐ถ๐ฎ๐ฐ๐ณ๐ด.
๐๐ฉ๐ช๐ด ๐ช๐ด ๐ต๐ฉ๐ฆ ๐ต๐ช๐ฎ๐ฆ ๐ง๐ฐ๐ณ ๐ด๐ฐ๐ญ๐ช๐ฅ๐ข๐ณ๐ช๐ต๐บ, ๐ฏ๐ฐ๐ต ๐ด๐ต๐ช๐จ๐ฎ๐ข.@DrTedros of @WHO on #coronavirus epidemics #COVID19 pic.twitter.com/ZADBRnMeJ1
โ UN Geneva (@UNGeneva) February 26, 2020
World Bank Pandemic Bonds
As Coinbase have correctly identified, health issues on this current scale impact economically upon any society effected and cascade through the vast network of global supply chains.
This has been a long-standing concern of those with governance responsibilities and is probably best reflected in the 2017 issuance of half a billion dollars worth of bonds and derivatives in the World Bank’s Pandemic Bondsย said to provide a pandemic emergency financing facility.
Unique in construct, these bonds were marketed to private investors with guaranteed high rates of return but participants would forfeit their funds if any of the six official pandemics, including a coronavirus, should manifest by the bonds maturity date of July 2020.