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.
Bridging Silos, Building Resilience: The Evolution of Combined Assurance
Combined assurance integrates internal and external assurance efforts, providing a holistic, efficient, and agile approach to risk management in today’s volatile, uncertain, complex, and ambiguous (VUCA) and brittle, anxious, non-linear, incomprehensible (BANI) world. It enhances governance, stakeholder confidence, and organisational resilience, enabling informed decision-making and regulatory compliance.
Prescriptive and Predictive Analytics: Redefining Risk Management in the Digital Age
Predictive and prescriptive analytics are transforming risk management by enabling organisations to forecast threats and recommend optimal actions. Integrating these tools enhances decision-making, reduces losses, and improves compliance. Success depends on data quality, ethical governance, and a culture that embraces analytics-driven, proactive risk strategies in an evolving landscape.
Cyber Risk and Cybersecurity: a Systematic Review of Data Availability
Cybercrime is estimated to have cost the global economy just under USD 1 trillion in 2020, indicating an increase of more than 50% since 2018. With the average cyber insurance claim rising from USD 145,000 in 2019 to USD 359,000 in 2020, there is a growing necessity for better cyber information sources, standardised databases, mandatory reporting and public awareness. This research analyses the extant academic and industry literature on cybersecurity and cyber risk management with a particular focus on data availability.
Zero Trust Frameworks: A Strategic Imperative for Managing Evolving Cyber Threats
Zero Trust is a modern cybersecurity framework that eliminates implicit trust, requiring continuous verification for every user and device. For risk professionals, it reduces attack surfaces, limits breach impacts, and enhances compliance, making it essential for managing evolving cyber risks in decentralised, cloud-driven, and hybrid work environments.
The Silent Consensus: How Groupthink Undermines Risk Assessment
Groupthink undermines risk management by fostering premature consensus, suppressing dissent, and distorting risk assessments and treatments. This article explores its psychological roots, real-world impacts, and offers practical strategies-structural, cultural, and technological-for risk professionals to mitigate groupthink, promote critical thinking, and enhance organisational decision-making resilience
Perception is Power: How Risk Owners and Champions can transform Decision-Making and Resource Allocation
The article explores how risk perception, shaped by experience, biases, and culture, influences decision-making and resource allocation for risk owners and champions. It offers strategies to align perceptions, overcome biases, and foster a strong risk culture, ultimately enabling organisations to manage uncertainty more effectively and achieve their strategic objectives.
Bridging Perception and Practice: Enhancing Risk Facilitation through Collaborative Strategies
This article explores how perception shapes risk management, highlighting the importance of understanding cognitive biases, fostering collaboration, and leveraging strengths-based and structured approaches. It emphasises embedding risk awareness in organisational culture, using technology, and overcoming barriers, empowering risk facilitators to transform perception into a strategic asset for effective risk management.
Risk Professionals as Futurists: Shaping Tomorrow’s Uncertainty Today
The article explores how risk professionals can adopt futurist approaches, such as scenario planning and futures thinking, to anticipate and manage uncertainty. By integrating risk management with strategy, leveraging technology, and embracing behavioural insights, risk professionals can transform risk from a defensive function into a driver of innovation and organisational resilience.
Resilience in a Fractured World: The Fundamentals of Geopolitical Resilience for Risk Professionals
Geopolitical resilience enables organisations to anticipate, adapt to, and recover from disruptions like conflicts, sanctions, or supply chain shocks. Key strategies include proactive risk assessment, scenario planning, diversification, and collaborative efforts. By integrating issues-led and impact-led approaches, leveraging technology, and fostering agility, businesses transform risks into opportunities, ensuring long-term competitiveness in a volatile world.