Preparedness and recovery plans are important ingredients for building resilient cities. Shuh Lin Tan, head of risk management (Asia Australasia) at InterContinental Hotels Group, considers resilience in at city that is relevant to them
What does building resilience mean in terms of managing risks in the 21st Century?
Everyone, including board of directors and stakeholders, need to exercise due diligence in the management of operational and strategic risks. In addition, long-term planning is required to ensure companies are built and managed to last.
How are you building resilience in the city in which you work?
By sharing knowledge with business partners and personal networks in areas including safety, quality, sustainability, responsible business, recruitment, innovation, incident and crisis management.
What are the biggest risks to building resilience in cities across Asia-Pacific?
- · Lack of understanding around exposures related to globalisation and evolution of technology
- · Unanticipated Black Swan events
- · Minimal resource allocation to risk management processes
- · Building human capital resilience
How can risk managers build resilience in the face of rising nat cats?
Risk managers should have a wide knowledge of the various locations in which they operate, particularly around communities and authorities and, build strong leadership in crisis management. In addition, companies and governments must develop preparedness, response and recovery plans.
What lessons can be learnt from nat cat incidents of the past?
First, both governments and companies should test preparedness and recovery plans. Second, infrastructure should be robust and built to defend or enable protection, such as well-protected utilities and roads. Last, property should be built to withstand earthquakes and typhoons and risk managers should ensure they have adequate insurance. It is important to know what your policy covers and if it is adequate for the risk profile of your locations.