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Need To Move From Risk Prevention To Resilience Management Is Urgent

2024 OnSolve Global Risk Impact Report highlights unanticipated impacts of physical threats, urgent need for organizations to shift from risk prevention to resilience management.

More than half of corporate executives (56%) and federal leaders (53%) say their top priority this year is preparing for a physical threat that puts employee safety or operations at risk, according to a new report from OnSolve. 

The newly-released 2024 OnSolve Global Risk Impact Report highlights the unanticipated impacts of physical threats, and the urgent need for organizations to shift from risk prevention to resilience management. Resilience management is a proactive approach to threat mitigation built on rapid discovery and rapid recovery.

Resilience Management
(Photo: Adobe Stock / Gorodenkoff)

Key insights from the report include:

  • 99 percent of executives and 100 percent of US. government leaders say their organization or agency experienced a physical threat in the last 24 months.
  • At the same time, 63 percent of executives and 51 percent of federal leaders say they have experienced unanticipated impacts “most of the time” or “always” caused by physical threats.
  • Despite this, just 23 percent of executives and 6 percent of federal leaders say they are proactive about identifying risks.
  • In addition, only 45 percent of executives have a mitigation plan in place for natural disasters – the top physical threat on their radar for 2024.
  • 72 percent of state and local leaders say the biggest risk in 2024 is crime, but only 63 percent have a mitigation plan for it in place. This further emphasizes the need for government leaders to refocus and prepare for unanticipated top threats.
High Priority: Preparing For Physical Threats

Heading further into 2024, executives and government leaders are preparing for a physical threat crisis that puts employee safety or operations at risk is a high priority.

“Once again, we’ve uncovered findings from our data that are of great significance to risk and emergency leaders. And one point is clear: To ensure a more resilient world, we need to work together to become more proactive about identifying threats,” said Mark Herrington, CEO, OnSolve. “The lives and livelihoods of people everywhere depend on our ability to expand our mindset from risk prevention to resilience management. With the help of technology, organizations can prepare more effectively, discover risk faster and accelerate recovery.”

Here are some additional findings from the OnSolve report:

Resilience Management
  • Lack of adequate technology and training remain significant gaps toward achieving resilience management. 45 percent of executives identified inadequate threat monitoring and detection as the biggest challenge or barrier to improving their resilience program at their organization. Federal leaders also cited a lack of technology as the biggest challenge to improving resilience, while state and local leaders said limited upskilling or training is the biggest gap.
  • Leaders acknowledge the importance of technology to improve their ability to prepare for and respond to threats. All federal leaders and 90 percent of executives and state and local leaders said they plan on investing in technology for physical threat mitigation in 2024.
  • Historical threat data and real-time risk intelligence are proactive and foundational building blocks to accelerate discovery leading to faster recovery. This year’s report includes deep dives into OnSolve Risk Intelligence data on four risk case studies: Natural disasters, crime, geopolitical unrest and the 2020 U.S. presidential election. These analyses demonstrate how critical event management technology can help organizations and agencies make the shift to resilience management.

Read more about business resilience and continuity at Continuity Insights.

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