Anticipation of risk is no longer an adequate strategy for organizations trying to manage it, especially in today’s environment. Such were the comments made yesterday by Joe Plumeri, chairman and CEO of Willis Group, in his keynote address at the World Captive Forum in Miami.
Plumeri told the audience that organizations also need to focus on building resilience to effectively manage risk and position themselves for long-term sustainability. Further, the hallmarks of a resilient organization include acknowledging the difficulty of predicting the future or so called “black swan” events. Instead, organizations need to operate in a dynamic fashion to make adjustments in real-time when a catastrophe strikes, while simultaneously preparing for the future, he said. “In order for companies to build resilience, they need to ask themselves, ‘will we be here in 10 years? will we be here in 50 years?’”
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