Business Resilience Strategies vs. Disaster Recovery Plans: What’s the Difference?

It can’t all be insured: counting the hidden economic impact of floods and bushfires

The Australian government’s latest budget has committed A$210 million for a new climate information service, $600 million for a new agency to promote natural disaster recovery and resilience, and $10 billion for a reinsurance fund to reduce insurance premiums in northern Australia.

That money split is symptomatic of a general focus on the impact of natural disasters – thinking about their costs in terms of direct damage to the built environment.

Lost homes and infrastructure, of course, do need to be replaced; and insurance claims do provide a neat way to calculate a tangible cost to a fire or flood.

But just because insurance numbers are solid and straightforward, we shouldn’t ignore that disasters have broader flow-on economic impacts that can’t really be insured against…

Business Resilience Strategies vs. Disaster Recovery Plans: What’s the Difference?

Implement systems and strategies that best support, inspire, and motivate the workforce.

There’s nothing quite like the disruption and devastation inflicted by a global pandemic to highlight the importance of comprehensive risk management strategies.

A major hurdle in building a business resilience strategy is the lack of buy-in from senior stakeholders.

During times of crisis, the terms business resilience and disaster recovery are often used interchangeably, but they are not the same thing — and you’ll likely need both. To effectively manage disruptive black swan events of the kind we’ve endured recently, it’s important to understand the distinction…

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