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Emerge stronger from global disaster by developing resilience

Global supply chain disruptions, suspension of business operations, and diminishing demand have put businesses at a constant risk of failure as they suffer losses worth billions. Locally, Malaysia's economy reported a Gross Domestic Product (GDP) contraction of 3.4 per cent in the fourth quarter of 2020, primarily due to the decline in most economic sectors following the pandemic.

As this global crisis has passed the one-year mark with few signs of abating, the most significant question for us now is how well we are prepared to respond to such major disasters. Regardless of whether we are a private, public, or non-governmental institution, we must reflect on what we have learned and how we can be better off in the future.

While many businesses have been hit by the outbreak and its ensuing challenges, some businesses have responded fearlessly, immediately adjusting their course and actively innovating throughout the recent crisis.

Indeed, research indicates that institutions with higher resilience are more capable of anticipating risk, limiting undesirable impacts, and bouncing back rapidly through their survival, adaptability, evolution, and growth in the face of turbulent change.

Therefore, the key is to heighten institutional resiliency. Developing institutional resilience is important because the world we live in and the businesses we run are never impervious to threats and danger. We are all subject to various types of risk; ergo, to achieve resilience, we need to learn fast from what happened.

Indeed, research indicates that institutions with higher resilience are more capable of anticipating risk, limiting undesirable impacts, and bouncing back rapidly through their survival, adaptability, evolution, and growth in the face of turbulent change.

Therefore, the key is to heighten institutional resiliency. Developing institutional resilience is important because the world we live in and the businesses we run are never impervious to threats and danger. We are all subject to various types of risk; ergo, to achieve resilience, we need to learn fast from what happened.

Published: https://www.nst.com.my/opinion/columnists/2021/04/686130/emerge-stronger-global-disaster-developing-resilience

Date of Input: 06/07/2021 | Updated: 06/07/2021 | nurzatul

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