Ensure Business Continuity through Integrative Risk Management
Recent Mega catastrophes such as the successive disasters in Japan, the Oil Spill in Mexico, the volcanic eruption in Iceland, major disruptions in power grid systems or security breaches in logistic processes have revealed dramatic risks and safety gaps for the corporate industry, that increase the vulnerability of single businesses and the economy as a whole. Due to low probability of occurrence but extremely high impact, such mega disasters are often not taken adequately into account neither by cost-benefit-based risk management analysis nor by the insurance of their consequences. Many of these consequences are not always insurable – be it the damage to the environment, extensive business interruption, claims for damage by third parties, reputation loss, or a negative impact on equity performance. Post-crisis regulatory reforms, the putting into question of whole technologies, adjustments in legislation and new international standards released may affect the business at large.
In order to reduce the risks of such disasters and minimize their impact on the business sectors affected, applied Integrative Risk Management is of utmost importance for corporations that depend on and affect the safety and stability of regional and international systems.
Learn from Recent Incidents at the GRF Business Continuity Conference 2012
The NaTech disaster cascade in Japan and the oil spill in the Gulf of Mexico have enormous consequences on the environment, human livelihoods, and the industries involved; extensive disruptions of power grid systems largely affect the smooth continuity of business in the private and public sector; the volcanic eruption on Iceland had a huge impact on the secondary sector and the travel and transport industries; the latter is additionally largely affected by the current safety concerns imposed by terrorist threats, expanding logistic costs at large scales.
The GRF Business Continuity Conference 2012 deals with questions as: How can these low-probability large-scale events that bear for up to 100% loss of revenue be better managed, risks be reduced, resilience be increased and gaps be bridged in an effective manner? What are examples of good practices and successful operation? How can weaknesses and deficiencies be turned into successful practice? And what could or should be the future role of the business community in Disaster Risk Reduction? Extraordinary catastrophes shall be taken to learn quickly on how to effectively respond to the further rapidly increasing risks of such disastrous incidents.