Companies should create a 'war room' and a coronavirus czar to manage the pandemic panic, a top Bain exec says. Here's what the roles would look like, and how to find the right candidates.

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• There are strategies that will help you sustain your business amid the novel coronavirus pandemic.
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• Karen Harris, managing director at Bain & Company, told Business Insider how companies should plan to respond to the coronavirus outbreak.
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• Harris told Business Insider that companies should set up a crisis response team and designate a senior executive to lead these responsibilities.
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• Click here for more BI Prime stories.

The novel coronavirus pandemic has taken a toll on the global economy, resulting in worldwide economic growth shrinking by $1 trillion.

About 51,000 companies worldwide have direct suppliers in the affected regions, like Asia and Europe, to date, and the global economy is now at risk because of the spread of the coronavirus, according to the Federal Reserve. The coronavirus, which causes a disease known as COVID-19, has killed more than 4,300 people and infected more than 121,500. The vast majority of cases - almost 70% - are in China.

But if you're prepared, you may not need to be worried.

Karen Harris, managing director at Bain & Company's Macro Trends Group, told Business Insider what leaders should do to keep their businesses running.

Harris and her colleagues recently generated insights based on a Situational Threat Report Index. Bain consultants predicted that the coronavirus would cost China more than $72 billion. Moreover, a McKinsey report shared that China will experience a 40% reduced demand in tourism and hospitality industries until the disease is under control. Chinese tourism accounted for $277 billion, or 16% of international tourism in 2019, the report noted.

"The time and severity of a pandemic - it almost definitionally catches you off guard when it starts," she told Business Insider. "There are so many aspects of the world that have created more volatility to the point where it's hard to distinguish between a real, credible threat from one that's not. The clients we work with treat that threat."

Harris stressed that Bain consultants aren't epidemiological experts. The firm's insights are based on data and consultants' problem solving. The updates regarding the coronavirus are rapidly changing and her suggestions could change in the future.

Here's exactly what you need to know to protect your company from the impact of the pandemic.

Set up a "war room"

It's crucial that businesses have a crisis response team, or a "war room" of people whose central responsibility is to handle coronavirus-related issues, Harris added.

For example, Bain created a leadership team made up of people in different regional offices. That way, they can exchange information and guide each other through different phases of the pandemic. Bain's Italy and China offices have their employees working remotely, she said.

"International and multinational companies, in many respects, are in an advantaging situation, but only if they take advantage of the knowledge that they can glean from different locations," the managing director told Business Insider. What she means is that companies with global offices have first-hand access to what's happening around the world and how they should respond.

There should be specific leaders designated to handle cybersecurity issues now that more people are working remotely, HR needs, client needs, and partnerships, Harris added.

Appoint a senior leader to balance different point of views

Navigating through a company crisis takes teamwork.

"I don't think it can be one person because there are different skills that you want to bring to this," Harris told Business Insider. "You need to your business and you need to protect that ongoing concern."

Nevertheless, there's got to be one person with enough knowledge to look at the crisis from a bird's eye view, she noted. It will be a different person at each company because there's a personality aspect to the role, and companies can benefit from someone who is better at balancing different points of view amid the coronavirus outbreak.

"The lead needs to be someone at a very senior level," the director told Business Insider. "It could be your COO. There's only a handful of people who can keep their cool head in a crisis and also have internal credibility at the company."

This C-suite leader would be a company appointed czar, or someone in charged of an important matter like handling responses to the coronavirus.

When you're picking the right candidate for this role, it's important to keep in mind that soft skills matter. Harris explained that a problem-solving mindset, a critical thinking approach, and effective communication skills are all crucial to keep the ball rolling during unpredictable times.