The term resilience is used in reports and studies by numerous government agencies and international institutions. For instance, in 20014 the Organization forEconomic Cooperation and Development issued a report entitled “OECD Reviews ofRisk Management Policies: Boosting Resilience Through Innovative Risk Governance”.
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In 2015 the Office of Management and Budget (OMB) issued Circular A-123. It requires all federal agencies to implement Enterprise Risk Management (ERM). ERM is a methodology which allows an organization to, in a systematic manner, identify, prioritize and reduce the adverse impact of risks events, such as fraud, cyber-attacks, mismanagement, and natural disasters, that could prevent the organization from accomplishing its mission and objectives. Continue reading
Internationally, Australian local governments are among the most sophisticated and prevalent with respect to Enterprise Risk Management (ERM) implementation. By way of example, out of 103 Canadian local government websites examined 15 have an ERM policy. In the United States, out of over 200 websites examined only 7 has some aspect of ERM. In Australia, of 140 websites examined 71 had an ERM policy. Continue reading
In other pieces the Lloyd’s of London City Risk and the Natural Hazard Mitigation Saves studies were discussed. It was noted that both studies provide an assessment of the costs associated with the adverse impact of risk events. The Natural Hazard study focused on natural Hazards, while the Lloyd’s study incorporates both man-made and natural hazard risk events. Continue reading
The year 2017 was a good year for conducting risk mitigation studies. Two 2017 studies came out about the same time. In 2018, Lloyd’s of London and Cambridge published their 2017 risk assessment study. Several months earlier, the National Institute of Building Science published “Natural Hazard Mitigation Saves: 2017 Interim Report”. The Lloyd’s of London and Cambridge study are discussed in another piece. The differences between the two studies is that the Lloyd’s study is a global assessment. It also expands the risk perspective by including man-made and natural hazard risks. Continue reading