To remain relevant, competitive and drive value for your stakeholders in these everchanging times, organisations must put mechanisms in place to:
Most organisations of a certain scale or maturity have invested in their enterprise risk management (ERM) practices, which can be an enduring activity. An ERM framework is designed to identify, assess, manage and monitor all categories of risks an organisation may encounter. However, adding the resilience capstone to an ERM framework can enhance its effectiveness by providing an additional layer of preparedness and adaptability to foresee, withstand, pivot and recover from disruptive events and even transform a strategy, to gain a competitive advantage.
Some organisations have gone as far as introducing horizon risk radars, or the equivalent, to recognise there are risks beyond the next financial cycle.
The macro environmental turbulence we have seen over the last few years has moved us to fundamentally change the decisions we make as businesses and consumers, reflect on how we interact with each other, and how we prioritise for the future. Baking strategic resilience into our organisations must therefore be a priority if we are to survive and thrive.
Organisations need to move beyond resilience as a function of the organisation, ensuring the ability to adapt and recover from disruptive events, towards resilience as a core component of how they develop their strategies.
A resilient strategy is one which is malleable with the appropriate levers embedded in it, to ensure that an organisation can meet incoming challenges and adapt to take advantage of them. A resilient strategy is not a strategy that is refreshed over an elongated period of time, rather it is one which is agile whilst being true to the organisations purpose and vision.
Our roadmap to a resilient strategy
Organisations must develop strategies which are resilient through a dynamic programme of interventions which reflect on the changing internal and external environments that they are operating in; enable proactive course corrections to existing strategies based on these interventions; and have clarity on their organisational health and shortcomings.
This approach continuously challenges the purpose and direction of an organisation within the context of the environment they are operating in, both internally and externally, underpinned by a robust enterprise risk management programme.
The journey to a resilient organisation starts by gaining an overarching view of organisational health, and this can be achieved through our Strategic Business Impact Analysis.
Conducting a Strategic Business Impact Analysis (SBIA) enables you to:
With this view of organisational health there are then two concurrent routes to follow. Firstly, remediating exposures that are identified in the status quo across the organisations and, secondly, reflecting on the emerging risks that can derail an organisations sustainability in areas such as financial, regulatory, operational, digital, security and people.
Resilience is more than just the ability to absorb and recover from disruptive events. We say it is the capacity to remain relevant, competitive and drive value for your stakeholders in these everchanging times.
Contact us
Please contact us to explore how you can enhance your organisation’s resiliency and take advantage of the opportunities coming down the road.
[ii] https://tradingeconomics.com/united-kingdom/bankruptcies
[iii] https://www.gartner.com/en/audit-risk/trends/audit-plan-hot-spots
[iv] https://drata.com/resources/2023-compliance-trends
[v] https://www.dataminr.com/report/forrester-constant-disruption-is-the-new-status-quo
10/03/2023. Every business has a plan, even if it isn’t a formal written document. But sometimes that plan can become complicated or a bit unfocussed, and even when it’s good plan, often it’s not being used on a day-to-day basis to help drive growth and performance by everyone else in the business.
In these challenging times, as high impact low probability (black swan) events become more prevalent, it is essential that robust crisis management and business continuity strategies are in place, and that organisations within the public and social sector can demonstrate how they will protect the community they serve should it be affected.
17/03/2023.The pandemic accelerated a fundamental change to the way we work, with remote and virtual meetings becoming the new norm. This trend has brought about a shift in the way sales teams operate, with many struggling to adapt to the new environment.
A Budget for Growth.
On Wednesday 15 March 2023 Chancellor Jeremy Hunt set out his ‘Budget for Growth’, with key takeaways including childcare, pensions and keeping the energy price cap.
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