Business Resilience
The more prepared you are to react to, and ultimately manage, disruption to your business, the more likely you are to exit any such disruption prepared to embrace whatever the ‘new normal’ is at the time.
While disruptions may or may not be short term, in the medium to long term, organisational resilience strengthens your ability to respond and adapt to changes across the key areas of your business.
It is one foundation of a holistic, profit-oriented risk management strategy, and it requires planning, organisation, and communication with all key stakeholders.
In order to have a framework for effective organisational resilience, there are specific principles that need to be understood, implemented, and adhered to, namely:
A documented risk management strategy which has been proved to be effective through periodic stress-testing
Excellent governance and management
Buy-in from all relevant stakeholders
Behaviour that is constantly aligned with your shared purpose and vision
A here-and-now understanding of your organisation in the context of your chosen markets
The ability to absorb, adapt and meaningfully respond to change
Diversity of skills, knowledge, leadership, and experience
By adopting these principles you provide a mandate to ensure the leadership is committed to continuing and enhancing your organisational resilience and, crucially, have the resources to do so.
That will also demonstrate effective internal communication to improve decision making and appropriate governance mechanisms which will encourage investment in your company.
At Peak Governance Business Advisors Ltd we work with our clients to devise and review their business resilience plans, linking them to agreed KPI’s and testing strategies.