Airmic report says that an updated approach to risk and resilience is required
- Published: Thursday, 05 July 2018 07:39
'Roads to Revolution', a new report published by Airmic, claims that organizational boards need to reappraise their approaches to risk and resilience management to take full advantage of the opportunities presented by the so-called ‘Fourth Industrial Revolution’.
The report, prepared by the CASS Business School, advises that the risks associated with digital transformation can be addressed effectively given the right approach, and it recommends a way forward based on adapting and adding to principles of resilience that have proved effective in the past.
Roads to Revolution asks the question: 'How are organizations transforming their business models to ensure resilience, value and growth in the digital age?' It examines the way digital technology has become much more than just an efficient way of doing things, but at the core of how firms work.
"Board members need to understand that organizational resilience alone is insufficient in the digital age. Continuous business model reinvention is necessary not just for future success, but for the very survival of the organisation," warns the report.
Roads to Revolution also updates the Airmic Resilience Model, first unveiled in Airmic’s ‘Roads to Resilience’ document in 2014. The original version has proved robust and has five principles, which have been enhanced, with a further three added.
"Roads to Revolution is intended to support boards and risk managers alike in these exciting times," said Airmic deputy CEO and technical director Julia Graham. "Our report contains a positive message. The risks associated with digital advances may be unprecedented but they can be managed. And we commend the revised Airmic Resilience Model as a tool and guide for doing so."