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Infrastructure Resilience Conference 2018

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From the Analysis of Vulnerabilities to the Assessment and Management of Business Resilience

While globalization has transformed production from local, integrated factories about twenty years ago, to global, lean supply chains, the question about interdependencies and their impact on vulnerability is often discussed. Since companies can insure an interruption of their business as well as their external supply chain, some insurance companies have researched and analyzed the resilience of businesses for different industries to better understand their customers. The tutorial covers the following resilience considerations of production processes and service operations: • Based on more than 15 years of claims data as well as loss adjuster reports from around the globe on business and supply chain interruptions, generic characteristics of business interruptions as well as their causes were identified. The temporal evolution of some key business interruptions characteristics is analyzed and discussed. • How business resilience is measured in the insurance industry covering both infrastructure as well as organizational aspects. • Important characteristics of resilience in internal and external supply chains of different industries are discussed: Based on the share of the business interruption claims, the recovery times as well as the use of production alternatives after a disruptive event, the business interruption exposure for different industries is characterized. • The interplay between the resilience of a single production location and a global company is considered: The topology of production networks is discussed, which leverage the vulnerability or resilience of a single site within a group After analyzing vulnerability and resilience, implications on managing risks and organization resilience are described: • Our segmented approach to understand, asses, manage and improve resilience in different industries - in collaboration with customer representatives - is described. • The approach, how interdependencies (known and hidden) are identified, compared, modeled, managed and reduced to an acceptable level. • In short case studies, covering different industries, insights from current resilience management in global companies is shared. Stages of a typical resilience service are described. Besides providing an overview on the current state of understanding and managing resilience in real businesses and the associated achievements, the current challenges in managing resilience in business context are discussed. The outlook is given based on the future impact of digitization.

Otto Kocsis
Zurich Insurance Company Ltd., Commercial Insurance
Switzerland

 

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