There are fears that the new variant could be more infectious and less responsive to vaccines.
A number of cases have already been detected in both England and Scotland.
In the Republic, around 10 cases of the suspected Omicron strain have been sent for detailed testing.
Mr Swann said that so far no cases of the variant had been identified in Northern Ireland.
“But it is highly likely that this position will change in the coming days,” he said.
“In light of the cases identified in England and Scotland, it is to be expected that there may already be cases of the variant in Northern Ireland.
“The Public Health Agency has established with immediate effect a regional incident management team which is in close liaison with a UK-wide incident management team and there is ongoing engagement with the Republic of Ireland.”
Mr Swann said the new variant was a “serious and concerning development which has the potential to act as a further shock to our health system”.
He said it was inevitable that there would be cases in the North of Ireland and essential that preventive measures were now taken.
However, he added that it was “not a time for panic or despair”.
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