Business Challenges
Amplify risk management. Strengthen resilience. Empower your organization.
Risk is on everyone’s mind, but what can you do to make risk management a reality for your organization? Explore these resources to find out how to build risk awareness and strengthen resilience.
The research on risk
While 90% of global executives believe risk identification is more important than ever, 57% say their organization needs to improve cross-functional collaboration to better identify and manage risks.
Here’s what it takes to evolve risk management from a siloed function in your organization to an integrated and active part of your culture.
What do our experts say about risk management?
Risk and resilience go hand in hand
Why everyone in your organization should be a risk manager to strengthen resilience
We’ve all become more resilient in recent years—as individuals, as employees, as employers and, of course, as organizations. But while risk and resilience continue to be popular for large-scale organizational discussion, what does it actually mean to be risk aware and resilient at this level?
In 2022, we sponsored a global study by Economist Impact of 600+ executives across five continents to explore the topic of resilience, which led to our 2023 research on risk. These insights were obtained through survey analysis, desk research, and expert interviews to identify changing interpretations of organizational resilience. Here’s what we uncovered.
So what is organizational resilience?
No real progress on organizational resilience can be made until we recognize that it requires cross-functional collaboration.
This is the only way to get buy-in up and down the enterprise and across global teams and time zones. However, before that happens, all stakeholders need to agree on what the complex—and often misunderstood—topic of business resilience is.
To be a resilient organization is to be nimble, flexible, and able to withstand both expected and unexpected shocks.
The four pillars of modern resilience
Pillar 1: Workplace transformation
While almost 80% of executives realize that having an agile workforce is a much bigger priority since the pandemic, they have plenty of work to do in these areas:
- True cross-functional collaboration (beyond talking about it)
- Employee engagement
- Prioritization of employee health and well-being
RELATED: Prepare your office for what's next (whatever that may be)
Pillar 2: Operational efficiency
You’ll only get past the cross-functional planning and collaboration stages when efficiencies and consistent approval processes are embraced up and down the organization:
- Top-down management support
- Full-time resources, including technology, dedicated to fostering resilience
- Proper information-sharing and efficient decision-making processes across functions, teams, and time zones
Pillar 3: Data governance & security
Over 60% of business leaders see the critical necessity to assess risk and consider new information tools and technologies. Organizations of all sizes have increased investments in hybrid work data protection and security applications. This way, proprietary information and digital assets remain as they should—proprietary.
Pillar 4: Sustainability
The only way to go from pontification to implementation is to educate all ESG stakeholders of the broader business and social implications. Our research shows that 80% of executives agree that having dedicated sustainability staff and resources is more important than ever. ESG strategies and opportunities are not fads or feel-good exercises. They are critical to doing business in an ever-changing world.
RELATED: How ESG thrived through the pandemic and what we learned from it
What makes an organization resilient?
According to our findings, a sustainable business resilience plan rests on these seven areas, all of which demand a purposeful strategy to ensure your organization stays resilient into the future:
7 elements of a sustainable business resilience plan
- Cross-functional collaboration and planning–Operational efficiency
- Information sharing between departments–Data governance & security
- Employee well-being and engagement–Workplace transformation
- Decision-making architectures and measurement–Operational efficiency
- Balancing resilience and efficiency–Operational efficiency
- Adapting to new technology–Data governance & security
- Meeting sustainability targets–Sustainability
Put these learnings into action
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