The results of a research project to investigate the effect of the pandemic on businesses awareness of organizational resilience have been published.
The study was conducted through a series of 41 semi-structured interviews with risk management professionals and sheds light on the strategies used to build and enhance organizational resilience before and after COVID-19 became a global pandemic.
Abstract (published verbatim)
As the world faces an accelerated rate of change, businesses need to anticipate, adapt, and respond to numerous disruptions. This research investigates the influence of the COVID-19 pandemic crisis on business awareness regarding organisational resilience, and how this concept is defined, managed, and measured in UK companies. This study was conducted through a series of 41 semi-structured interviews with risk management professionals (i.e., managers, directors, consultants and standard setters) and sheds light on how companies have been building and enhancing organisational resilience before and after COVID. It demonstrates that the main triggers for these companies have been previous crises, regulatory requirements, and tone from the top, including CROs profile.
A plethora of business resilience models exist and have been put in place by consultant firms and other experts. Despite these attempts, during the COVID pandemic, most companies relied on their workforce’s flexibility and adaptability, considering skills and information already available; they had to learn ‘in situ’.
The implications of COVID could have resulted in organisational resilience enhancement, but they may not, due to the false assurance created by the global nature of the crisis. Companies still differ in their response and plans to enhance organisational resilience and expected level of preparedness to deal with future emerging risks. Thus, management accountants have opportunities to create and customise information and break down and integrate siloed knowledge and expertise.