Tobias Baer explains why the second-order effects of the disruption caused by the Coronavirus are what should concern risk managers the most. For risk managers, Covid-19 is both scary and a real-life test of our approach to risk management. As we are grappling with the virus and its fall-out, there are three sets of issues: the threat of the virus itself; the panic that it has caused; and lessons for operational risk management. The risk of the virus itself…