Risk Management or Resilience

Updated: Jun 10, 2020


The concept of resilience is gaining traction particularly among those in highly-regulated, high-risk industries. In an ever changing regulatory landscape resilience is seen as a means to stay ahead of the regulatory curve, avoid costly disruption, and withstand adverse events should they occur. This sounds similar to the objectives of risk management.


At one level one can consider resilience as an outcome of effective risk management in the same way as quality products, and safe working conditions are an outcome of effective quality and safety programs.


Resilience is also a capability which serves as a defense against the effects of uncertainty in support of existing risk & compliance programs including: quality, safety, environment, and regulatory objectives. Resilience perhaps is more focused on recovery rather than preventive measures.


Should resiliency become a program of its own and have its own standards similar to quality, safety and environmental objectives or should it be added to existing risk & compliance programs?


What do you think?


#riskmanagement

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