Risk science offers an integrated approach to resilience
Why do we hear calls to separate and independently manage aspects of risk and resilience that are inherently related? These
arguments are inconsistent with more holistic and integrated responses to wicked challenges—such as climate change—that
are necessary if we are to find balances and synergies. The justification of such views is based on misconceptions of risk science that are no longer accurate. Rather than being irrelevant, the risk concept and related literature provide a wealth of resilience analysis resources that are potentially being overlooked. In this Perspective, we discuss how the modern view of risk can provide an integrated framework for the key aspects of resilience.
Beyond Ethics: The Strategic Economics of Digital Trust
Digital trust is fundamentally the belief that digital technologies and organisations will act securely, ethically and transparently, building stakeholder confidence that enables greater economic growth and resilience. Organisations that excel in digital trust practices—such as robust cybersecurity, ethical data usage and transparent processes—see tangible benefits including increased consumer loyalty, reduced risk, and enhanced market reputation. Recent consulting and research findings show that even a small increase in digital trust can significantly boost GDP per capita and business growth. However, the digital trust gap—differences in perceived versus actual trust in digital platforms—can impede innovation and market development, leaving societies vulnerable to cybercrime and undermining the value created by digital transformation.
In practice, embedding digital trust within strategy, risk and audit functions fosters lasting economic advantage, as strong trust environments lower transaction costs, encourage innovation and ensure higher rates of digital adoption.
The Art and Science of Risk Management: A Delicate Balance
Risk management is both an exact science and a creative art, requiring a delicate balance of analytical precision and intuitive judgement. This article explores how combining data-driven methodologies with experiential insights empowers organisations to navigate uncertainty, mitigate threats, and seize opportunities. Discover the best practices for mastering this dual approach.
Operational Resilience: Ensuring Business Continuity in an Era of Disruption
In a world teetering on the edge of chaos, operational resilience emerges as the unsung hero of business continuity. This vital capability empowers organisations to weather storms, adapt to challenges, and bounce back stronger. From risk assessment to technological fortification, operational resilience encompasses crucial focus areas that safeguard critical operations. With clear governance, comprehensive planning, and a resilient culture, businesses can navigate an unpredictable landscape, turning potential crises into opportunities for growth and innovation.
The Peril of Misaligned Performance Metrics: A Strategic Implementation Challenge
Imagine your organisation as a skilled tightrope walker, gracefully balancing consistency and flexibility in the face of adversity. This article delves into the art of organisational resilience, exploring how businesses can anticipate, prepare for, and adapt to change. Discover key focus areas and valuable insights that will empower your organisation to thrive amidst disruption.
Strategic Management Challenge: Resource Allocation & Management
Unlock the hidden potential of your organisation's resources! Discover how effective resource allocation can revolutionise productivity and propel your strategic goals forward. This article delves into key focus areas, from understanding the allocation process to mastering time management. Learn valuable insights on balancing limited resources, prioritising high-impact initiatives, and leveraging technology for streamlined management. Embrace these strategies to drive sustainable growth and optimise efficiency.
Navigating the Geopolitical Minefield: Building Resilience in an Era of Global Uncertainty
This article examines managing geopolitical risks in a volatile global landscape. It emphasises businesses' need for resilience strategies to navigate international tensions and conflicts. Key focus areas include assessing risks, developing strategies, enhancing intelligence capabilities, strengthening cybersecurity and fostering board-level engagement. Whilst challenges pose risks, well-prepared organisations can protect themselves and thrive in a complex global environment.
Navigating the Labyrinth: Implementing Supply Chain Resilience in a Volatile World
Fortify Your Supply Chain: Three Strategies for Resilience. In today's volatile business landscape, supply chain resilience is paramount. Three key strategies emerge: diversifying suppliers, localising production, and establishing contingency plans. Each approach offers unique benefits and challenges. Successful implementation requires a holistic approach, leveraging advanced technologies and fostering a culture of resilience. This ongoing process of adaptation positions organisations to navigate disruptions and seize opportunities in the global marketplace.
The relationship between Enterprise Risk Management and Managerial Judgement in Decision-making: A Systematic Literature Review
Enterprise risk management (ERM) promises to improve decision-making and help organizations avoid wicked problems. Consequently, risk artefacts may play a significant role in managers’ decision-making processes, but little is known about the relationship between ERM and managerial judgement in decision-making (MJDM). The purpose of this paper is to present a systematic literature review of ERM, thereby filling this knowledge gap and providing an evidence based foundation for improving practice and advancing knowledge and theory development.
Fraud Risk Management in Internal Audit
Several high-profile and large-scale corporate fraud cases have made headlines in recent years. Investigations into a number of these frauds have identified that many of them took place over a significant period of time and often resulted in crippling impact to, and even the demise of, the victim organizations.