In theory, Supplier Risk Management should be able to cover every major risk in supply chains(including COVID19). As a procurement professional, you know that Supplier risk management is a difficult balancing act of understanding suppliers and minimum impact on your business.
If a contract does not have the specific Force Majeure clauses, then suppliers might become liable for non-performance or can invoke Acceptance of Renunciation. Currently, as most Chinese suppliers are getting sued for millions of dollars, the Chinese Government has stepped in to protect suppliers. For your procurement division, you can focus on identifying new suppliers to get your essential supplies. During this lockdown period, with less consumer demand you can now start identifying stocks spread across different storage locations and warehouses. In this way, you can be prepared for a looming recession and balance your production with consumer demand.