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  • Resilience in Risk Management


    Introduction

    Resilience can be defined as the ability of a system to respond to rapid changes in a positive manner. A particular challenge for complex projects is building the maturity of internal control systems to increase resilience in the event of uncertainty and unpredictable risks.

    Challenges

    As the world becomes more dynamic and volatile, proponents of a resilience approach to risk management maintain that rather than finding ways to predict risks, risk practitioners need to focus on innovating in the area of building organisation-wide resilience to unpredictable risks.

    Challenges include designing internal management systems with the ability to weather rapid changes, disruption to operations, unexpected changes in government and trade alliances, as well as market shocks.

    Standards

    One standard relevant to processes for building resilience is AS/NZ 5050:2010 Business continuity - Managing disruption-related risk. This standard outlines a process of identifying critical business functions and protecting them to increase resilience.

    Sources:

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    Edited by Nadine Cranenburgh


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