Marsh Inc.
10/09/2024 | Press release | Distributed by Public on 10/09/2024 07:46
Building risk resilience into your business strategy
Understand why your organization should adopt a structured, disciplined resilience approach that accounts for situations in which multiple risk events interact.
Seldom have organizations had their risk resilience tested more than it has been in the past few years. Business and government leaders understand that the modern risk landscape is complex and interconnected, but they aren't always ready for how those connections can play out in terms of causing disruption.
While business continuity planning and good crisis management are important, resilience encompasses much more. An integrated approach to resilience provides organizations a competitive advantage over less-prepared peers, as well as the ability to adapt to constantly changing external circumstances.
The benefits of a resilience strategy can manifest in many ways - from increased levels of trust in the organization and its leadership, to increased share performance and, of course, an improved state of readiness for emerging risks and any crisis scenario. Resilience isn't about predicting the future with complete certainty, or reaching a particular destination. It's about identifying uncertainty in dynamic systems and environments through scenario planning, risk modeling and data analysis, stress testing, and more.
Resilience aims to measure potential impacts, and then reduce uncertainty to the degree that is feasible, enabling better decisions about where to invest.
What you'll learn:
What are the four capabilities typically in play as an organization strives to maximize its resilience?
- Foresight and anticipation
- Mapping critical dependencies and measuring their resilience
- Connecting resilience to strategy
- Good governance
Why is there room for optimism regarding efforts to build resilience?
- Resilience is now firmly on boardroom agendas and receiving significant management attention.
- Recent crises have served as a wakeup call for many organizations to build, adapt, or invest more in their resilience planning.
- Risk data is more readily available - and we have better analysis tools to spot issues and identify trends before they become problems.
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