Resilience First, working in partnership with Fusion Risk Management Inc., launches a whitepaper that offers solutions on how to transition from risk to resilience.
A new whitepaper from a collection of authors assembled by Resilience First provides fresh insights on the reasons for, and ways towards, adopting a more resilience-based approach to managing modern-day dangers.
The thrust of the paper is that traditional enterprise risk management models based on analysis of historical trends are no longer valid in isolation, and agile adaptation to changing circumstances in a new enterprise resilient management approach is now required for organisational survival and success. This situation has been accelerated by the impact of the Covid-19 pandemic which has shown that there are systemic risks which do not lend themselves to quantitative risk analysis.
In his Foreword, Lord Toby Harris, Chairman, National Preparedness Commission, and Member of Advisory Board of Resilience First, has 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.’
The first part of the paper begins with an examination of the impetus for change and the reasons for searching for new approaches. The second part looks at nine different but important elements that need to be incorporated into any new model. It covers topics such as clearer horizon scanning, better preparedness, upgraded collaboration and communication, improved culture, enhanced leadership, advances in technology, improved safety, and better agility and adaptation. Each section is written by a separate author with experience in the subject.
A copy of the 40-page document is available only to Resilience First members.
Read more: Resilience First