Resilience First has launched their latest publication, entitled Transitioning from Risk to Resilience, delivered in partnership with Fusion Risk Management Inc. and with contributions from a number of experts.
The onslaught of the devasting impact of the pandemic, together with the global effects of climate change, has clearly shown that the traditional enterprise risk management models based on analysis of historical trends are no longer valid in isolation. Agile adaptation to changing circumstances in a new enterprise resilient management model is now required for organizational survival and success.
In a world where the threats are endless but the resources to prevent them are not, the most resilient organizations will thrive during uncertain times and gain a competitive advantage.
Lord Toby Harris, Chairman, National Preparedness Commission, and Member of Advisory Board of Resilience First, said: “When one uses quantitative measures like probability based on past trends to represent a volatile and unpredictable world then it is perhaps unsurprising that calculations go awry. Covid-19 has shown that there are systemic risks that do not readily lend themselves to quantitative risk analysis.”
“This whitepaper tries to look afresh at what is needed in a revised risk management framework. It starts with the premise that consequences or impacts are more important than causes or probabilities. If one accepts this assertion, it is possible to recommend a framework that has more qualitative components which focus on the softer skills.”
“Soft skills embrace notions of leadership, culture, trust, adaptiveness and agility. Imbued with these qualities, risk management becomes more a managerial facilitator rather than an engineering tool. In fact, it becomes a facilitator for resilience management over and above risk management.”