In Europe, the Commission defines Resilience as the ability of an individual, a community or a country to cope, adapt and recover quickly from stress and shocks caused by a disaster, violence or conflict.
Resilience covers all stages of an incident, from prevention (when possible) through to crisis and disaster management and subsequent adaptation (when necessary), including positive transformations that strengthen the ability of current and future generations to meet their needs.
Why is Resilience important for Businesses?
The increasing frequency and intensity of human-related threats, incidents on a mass-scale, natural disasters and other types of crises creates a major threat to the long-term viability and sustainable growth of businesses. SMEs are particularly at risk in this regard, as major incidents and crises can quickly put them out of business, with devastating effects on all stakeholders.
Another crucial element is cost. As climate change, intensification in globalization and general volatility within international markets continue to impact on businesses, operational risk management assumes even greater importance, particularly in regard to human factors.
SHIELD has re-defined Resilience into a simple phrase: Reduce Risk Protect People, Property, Processes and the Environment [R2P4E].
How does STORM address Resilience?
STORM is a suite of tools specifically designed to help professional practitioners in managing operational risk.
The software allows professional risk managers to combine their operational experience with technology into all functional elements of Operational Risk Management – (1) Health and Safety (2) Security (3) Environmental (4) Business Continuity (5) Fire (6) Crisis Management and Emergency Response, and (7) Quality Risk Management (8) Compliance.