Publication

IRGC Resource Guide on Resilience (Volume 2)

Abstract

Volume 2 of the IRGC Resource Guide on Resilience provides an in-depth and pragmatic evaluation of concepts and methods for resilience-based approaches in contrast to risk-based approaches, as proposed and practised in different domains of science and practice. Adequate articulation of risk and resilience is key to ensure security in systems. The guide also considers possible drawbacks of resilience, such as if efforts to improve resilience diverts attention from core functions of risk management, or from the need to discourage inappropriate risk-seeking behaviour. Some of the papers in Volume 2 also discuss the relevance and role of resilience as a strategy to address the challenges posed by systemic risks that develop in complex adaptive systems (CAS). Such systems are interconnected, with the result that risks can cascade within and between systems. Resilience can help navigate dynamic changes in CAS, as those evolve in response to internal and external shocks and stresses.

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Related concepts (22)
Risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".
Risk management
Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Operational risk
Operational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk. The process to manage operational risk is known as operational risk management.
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