{"id":30438,"date":"2023-04-08T06:39:53","date_gmt":"2023-04-08T10:39:53","guid":{"rendered":"https:\/\/opexsociety.org\/?p=30438"},"modified":"2023-04-08T06:39:55","modified_gmt":"2023-04-08T10:39:55","slug":"a-risk-management-playbook-for-improving-organizational-resilience","status":"publish","type":"post","link":"https:\/\/opexsociety.org\/body-of-knowledge\/a-risk-management-playbook-for-improving-organizational-resilience\/","title":{"rendered":"A risk management playbook for improving organizational resilience"},"content":{"rendered":"\n
\n

Why It Matters. <\/strong>MIT Sloan experts offer a systematic approach to organizational resilience that can help leaders manage risk and rebound rapidly when catastrophic events strike.<\/p>\n<\/blockquote>\n\n\n\n

Consider the recent system failures at Southwest Airlines that\u00a0put the brakes on holiday travel<\/a>. Or the\u00a0Deepwater Horizon oil spill<\/a>\u00a0or the\u00a0Norfolk Southern freight train derailment<\/a>, both of which rapidly became hazardous-waste disasters.<\/p>\n\n\n\n

What do these high-profile incidents have in common? They were unexpected, catastrophic events where system responses consistently lagged behind the incident despite numerous opportunities for intervention. In fact, some of the underlying problems had existed and were known about for a prolonged time.  <\/p>\n\n\n\n

With so many public examples of the debilitating consequences of inadequate resilience planning, why do so many organizations continue to fail at mitigating risk?<\/p>\n\n\n\n

The reason, according to MIT Sloan professors John Carrier\u00a0and Retsef Levi,\u00a0is that most companies operate without proper awareness of the operational boundaries of their systems and therefore fail to detect in a timely manner that their regular operations have been disrupted.<\/p>\n\n\n\n

Organizations lack insight into what their enabling operating conditions are (be they significant or seemingly innocuous) and whether they are threatened, the scholars explained during a recent webinar<\/a> hosted by MIT Sloan Executive Education.<\/p>\n\n\n\n

Hospitals offer just one recent example, they said. Masks and gowns are among the cheapest supplies in a hospital yet are critical enablers for surgery. But before to the COVID-19 pandemic, few if any health care organizations would have prioritized personal protective equipment, because there was no prior indicator that supplies would be at risk.<\/p>\n\n\n\n

Resilience, the professors maintain, is an organization\u2019s ability to:<\/p>\n\n\n\n

Click here to read full article…<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Why It Matters. MIT Sloan experts offer a systematic approach to organizational resilience that can help leaders manage risk and rebound rapidly when catastrophic events strike. Consider the recent system failures at Southwest Airlines that\u00a0put the brakes on holiday travel. Or the\u00a0Deepwater Horizon oil spill\u00a0or the\u00a0Norfolk Southern freight train derailment, both of which rapidly became…<\/p>\n","protected":false},"author":1409,"featured_media":23715,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[336,624],"tags":[95,1096],"class_list":["post-30438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-body-of-knowledge","category-thought-food","tag-risk-management","tag-readiness-resilience"],"taxonomy_info":{"category":[{"value":336,"label":"Body of Knowledge"},{"value":624,"label":"Thought Food"}],"post_tag":[{"value":95,"label":"Risk Management"},{"value":1096,"label":"Readiness & Resilience"}]},"featured_image_src_large":["https:\/\/opexsociety.org\/wp-content\/uploads\/2020\/06\/MIT-Sloan.png",687,621,false],"author_info":{"display_name":"MIT Sloan","author_link":"https:\/\/opexsociety.org\/author\/mit-sloan\/"},"comment_info":0,"category_info":[{"term_id":336,"name":"Body of Knowledge","slug":"body-of-knowledge","term_group":0,"term_taxonomy_id":336,"taxonomy":"category","description":"The collected Body Of Knowledge<\/strong><\/em> of the Operational Excellence Society.","parent":0,"count":1243,"filter":"raw","term_order":"0","order":"0","cat_ID":336,"category_count":1243,"category_description":"The collected Body Of Knowledge<\/strong><\/em> of the Operational Excellence Society.","cat_name":"Body of Knowledge","category_nicename":"body-of-knowledge","category_parent":0},{"term_id":624,"name":"Thought Food","slug":"thought-food","term_group":0,"term_taxonomy_id":624,"taxonomy":"category","description":"Curated articles from various sources.","parent":0,"count":746,"filter":"raw","term_order":"0","order":"0","cat_ID":624,"category_count":746,"category_description":"Curated articles from various sources.","cat_name":"Thought Food","category_nicename":"thought-food","category_parent":0}],"tag_info":[{"term_id":95,"name":"Risk Management","slug":"risk-management","term_group":0,"term_taxonomy_id":95,"taxonomy":"post_tag","description":"Risk management<\/b>\u00a0is the identification, evaluation, and prioritization of\u00a0risks\u00a0(defined in\u00a0ISO 31000\u00a0as\u00a0the effect of uncertainty on objectives<\/i>) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events<\/sup>\u00a0or to maximize the realization of opportunities.","parent":0,"count":95,"filter":"raw","term_order":"0","order":"0"},{"term_id":1096,"name":"Readiness & Resilience","slug":"readiness-resilience","term_group":0,"term_taxonomy_id":1096,"taxonomy":"post_tag","description":"Resilience<\/strong> - the capacity to recover quickly from difficulties; toughness.","parent":0,"count":19,"filter":"raw","term_order":"0","order":"0"}],"_links":{"self":[{"href":"https:\/\/opexsociety.org\/wp-json\/wp\/v2\/posts\/30438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/opexsociety.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/opexsociety.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/opexsociety.org\/wp-json\/wp\/v2\/users\/1409"}],"replies":[{"embeddable":true,"href":"https:\/\/opexsociety.org\/wp-json\/wp\/v2\/comments?post=30438"}],"version-history":[{"count":1,"href":"https:\/\/opexsociety.org\/wp-json\/wp\/v2\/posts\/30438\/revisions"}],"predecessor-version":[{"id":30439,"href":"https:\/\/opexsociety.org\/wp-json\/wp\/v2\/posts\/30438\/revisions\/30439"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/opexsociety.org\/wp-json\/wp\/v2\/media\/23715"}],"wp:attachment":[{"href":"https:\/\/opexsociety.org\/wp-json\/wp\/v2\/media?parent=30438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/opexsociety.org\/wp-json\/wp\/v2\/categories?post=30438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/opexsociety.org\/wp-json\/wp\/v2\/tags?post=30438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}