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Airmic publishes advice for boards on resilience in the digital era

Airmic 3rd June 2019

The report stresses that the digital revolution has profoundly altered underlying business and organisational dynamics to the extent that approaches to risk, governance and resilience need a major re-wiring.

It argues that the challenges of the digital age are far broader than cyber security issues. As a result, businesses will need to reskill and introduce new mechanisms to ensure effective governance, monitoring, strategic leadership and, ultimately, legitimacy for their organisations.

It advises that the risks associated with digital transformation can be addressed effectively given the right approach, and outlines Airmic’s Resilience and Transformation Model - a comprehensive and coherent structure designed to enable organisations to embrace advances in technology.

Roads to Revolution, written by Cass Business School on behalf of Airmic, was published in June 2018 and is based on a study of leading organisations that are active in the space of digital transformation. It is the third part of Airmic’s highly acclaimed ‘Roads’ research, which includes Roads to Ruin (2011) and Roads to Resilience (2014).

“Achieving and maintaining resilience in the digital era is a huge challenge and requires significant board-level support,” commented Julia Graham, deputy CEO and technical director at Airmic. “The digital era is fundamentally altering the basic principles of resilience. Constant reinvention is now necessary for success and that’s a vital message for boardrooms.”

Julia Graham added: “This report distils our research into the key messages for board members. Resilience is not an end game, it’s a constant process, and it’s important that the risk community continually reinforces this message at the very top of their organisations.”

NOTES FOR EDITORS

Airmic is the UK association for risk managers and insurance buyers. Its annual conference, New World, New Solutions, takes place in Harrogate, June 3-5.

Further information on the Roads series:

Roads to Ruin was published by Airmic in 2011 and looked at high-profile crises at companies whose reputations were consequently destroyed:  www.airmic.com/technical/library/roads-ruin-analysis.

Roads to Resilience was published by Airmic in 2014 and looked at how companies could avoid corporate catastrophe by learning from those who were leading the way in creating resilient organisations. The report introduced the Airmic Resilience Model which includes 5 principles of resilience:  www.airmic.com/.../library/roads-resilience-executive-summary.

Roads to Revolution, published by Airmic in 2018, provides advice for boards, executives and risk professionals who seek to manage risk and resilience in the context of the digital age. It updated the Resilience Model with three new principles of resilience: www.airmic.com/library/roads-revolution-executive-summary.

FOR FURTHER INFORMATION

Please contact Jessica Titherington, +44(0)7733 261445, jess.titherington@airmic.com

ENDS