or man-made disasters. Changes in the economic climate. Other unexpected
events. The perpetually changing global business environment means that your
organization must do all it can to stay ahead.
what’s the key to keeping ahead? Resilience.
resilience refers to the ability to rapidly adapt to the changing environment,
maintaining operations, and protecting market share. So, how can your
organization become more resilient? Start by thinking holistically.
to a June 2011 survey by the Economist Intelligence Unit of 391 senior
executives from around the globe and across industries, more businesses will
adopt a more holistic approach to risk management in the next three years as
they deal with growing uncertainty and the increasing interconnectedness of the
varied risks they face.
are some important factors to consider when thinking holistically for business
1. Larger organizations are more likely than smaller ones
to have an integrated risk management strategy. According to the survey, companies with annual
revenues of $10 billion or more are almost twice as likely to have implemented
an integrated business resilience strategy as those with annual revenues below
$1 billion. Where does your organization fall in this spectrum?
2. Continuity, IT and compliance risks remain in the
forefront, but companies are diversifying their strategies to build business
resilience. Although nearly 40
percent of respondents cited business continuity as primarily an IT issue, when asked to name their “primary risk
management concern,” some named more than one, including disaster recovery (47
percent), IT security (37 percent), and regulatory compliance (28 percent).
What does your organization consider its biggest risk management concern?
3. Business resilience planning increasingly involves
specialists from across the organization, yet CIOs and IT professionals remain
the most prominent stakeholders.
Though 60 percent of respondents say that business resilience is considered a
joint responsibility of all C-level executives, a key distinguishing
characteristic of the most successful firms is a propensity to see business
resilience as an issue that affects every part of an organization. What is your
organization’s disposition when it comes to resilience?
4. Improving business resilience requires a shift in
corporate culture because that is what shapes values and behavior. If a company’s culture blends risk awareness with
other corporate values, then people across the organization instinctively know
the right thing to do when confronted with an unexpected situation, and that
reduces risk. How does resilience fit in with the culture of your organization?
5. Senior-level commitment and adequate resources are
needed to develop comprehensive communications and training programs to support
holistic risk management. One of the
distinguishing features of the most resilient companies is that they are much
more likely than other firms to have developed a communications strategy to
push the message of resilience out to every corner of the organization.
business resilience at the forefront helps keep your organization at the
forefront. And that starts with an integrated risk management approach.
your organization thinking holistically when it comes to risk management? What
steps are you taking to ensure business resilience?
Text chat with me today by visiting my website or tweeting to @techielarryb
LORENZO M. BOLTONGTS Marketing ManagerIntegrated Communications ServicesBusiness Continuity and Resiliency Services