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In a recent post by Warren Black, he stated:
"Clearly, organisational resilience in the face of disruption, is not about bouncing back but rather about bouncing forward."
Such wise words!
At The Governance Institute of Australia’s 2019 Risk Forum, I spoke on "Examining best practice for Continuity and Resilience”. The prior keynote presentation “Human resilience — where organisational strength begins” was by Stacey Copas, CEO of the Academy of Resilience in Australia. Tracey has had her fair share of knocks and the words that stayed with me were “Resilience is not just about surviving but thriving”. Stacey is the epitome of that.
Viewing this from an organisational rather than personal perspective, when the dust begins to settle on COVID-19, where will your business bounce? You will either bounce:
The question is, which one will you be?
Resilience is not just about surviving but thriving
What is the inherent risk level of your organisation to COVID-19.
Industries that rely on, and / or involve, humans congregating and being together have proven inherently very high risk. If these industries also involve non-essential services, they are even more at risk. These include airlines, travel agents, events, restaurants, office landlords etc.
You need to consider which of the above you can influence right now in the short term and not fret about those you cannot. I would suggest points 3, 4, 5 & 6 are what you can influence as you go through this experience.
As passionate risk managers at Protecht, we believe that great risk management is the key to doing the best that you can so after this is all over you can look back and be proud that you did your best and that you bounced as far forward as was possible.
Author of 'A Short Guide to Operational Risk', David Tattam is an internationally recognised specialist in all facets of risk management, particularly at the enterprise level. His career includes many years working with PwC, as well as two Australian banks. His achievements include the creation of the Middle Office (Risk Management Department) for The Industrial Bank of Japan in Australia and the complete implementation of all Australian operations, systems, procedures and controls for Westdeutsche Landesbank (WestLB).