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In Practice

How Should Companies Rethink Their Approaches to Resilience?

On rethinking resilience:

“The pandemic has been an important wake-up call for many firms, but the next crisis will likely be very different from the last, so any review of resilience arrangements should not be overly anchored in the COVID-19 experience but should start afresh with the operational flows and capabilities that are fundamental to delivering on core business goals and the different ways in which they might fail.”

On risk intersections:

“When it comes to really large complex risks, we need to think more in terms of industrial and national ecosystems and how the different components interact. We should also be mindful that resilience at the national level means some very different things.”

On ‘whole-of-society’ resilience:

“A whole of society approach needs both the right culture and the right mechanisms. Public and private sectors should work more in strategic partnership, and many governments could be more innovative about the roles and levers available to them. Some issues they might need to step in and step up more or just be a cheerleader in others.”

For a deeper look on how global divergence across multiple domains in the post-COVID-19 recovery threatens to widen disparities and aggravate societal fractures, check out this year’s Global Risks Report, published by the World Economic Forum in collaboration with Marsh McLennan.

Richard Smith-Bingham

Executive Director of Insights, Marsh McLennan Advantage

Richard Smith-Bingham leads a global team of researchers that draws on the expertise of Marsh McLennan and its networks to identify new perspectives and solutions for society’s most complex challenges. He is at the forefront of the firm’s thinking on the evolving macro-level risk landscape and how companies and governments can best anticipate and negotiate rising threats. He is a member of the UK’s National Preparedness Commission.

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