Lack of skills slows down implementation of resilience agenda - Report

A recent business resilience survey by Control Risks revealed that over 33% of organizations feel they lack the necessary skills and talent to drive the corporate resilience agenda. Despite investments in recruitment, training, awareness, and communication, many businesses are struggling to implement effective strategies to enhance their resilience. John Seddon, Director of Crisis and Security Consulting at Control Risks, sheds light on the key parameters of building a resilient business and the challenges faced by organizations in East Africa in an interview with CNBC Africa. Addressing the concept of a resilient business, Seddon emphasizes the importance of anticipating and adapting to change to protect the enterprise and capitalize on emerging opportunities. He explains that both the tangible elements of business structure and the intangible aspects of organizational culture play a crucial role in fostering resilience. The ability to adapt and seize opportunities is essential for driving overall business performance. For small businesses seeking to enhance their resilience, Seddon highlights the significance of leadership commitment and strategic vision. He underscores the need for translating strategic objectives into operational reality to effectively navigate challenges and drive growth. In the face of external disruptions such as political instability, Seddon advises businesses not to wait for crises to occur but to proactively assess potential risks and opportunities. By forecasting the impact of external events and developing contingency plans, organizations can mitigate risks and capitalize on positive changes that may arise. When delving into the realm of corporate governance, Seddon stresses the importance of effective decision-making at the top level. Boards play a critical role in driving cultural change within organizations to manage risk and enhance resilience. Succession planning, particularly in family-owned businesses, poses a challenge to resilience and market competitiveness, highlighting the need for strategic leadership transitions. The evolving role of Research and Development (R&D) teams in enhancing resilience is also explored. Seddon emphasizes the alignment of R&D activities with corporate strategy and the importance of information sharing across business functions. Horizon scanning, a key component of crisis management, enables organizations to anticipate and prepare for future challenges. In assessing the resilience landscape in East Africa, Seddon points out that cyber risk emerges as a top concern for businesses in the region. With a high dependence on technology, organizations are increasingly conscious of the vulnerabilities posed by cyber threats. East African corporates are actively addressing cyber risks to safeguard their operations and data from sophisticated cyber attacks. The study underscores the need for building capability and enhancing resilience skills as a significant opportunity for East African corporates. Overcoming skill gaps and investing in building robust capabilities will position businesses for growth and empower them to seize new opportunities in the dynamic marketplace. In conclusion, the journey towards building resilient businesses in East Africa requires a strategic focus on talent development, proactive risk management, and adaptive leadership. By prioritizing resilience-building initiatives and fostering a culture of innovation and agility, organizations can navigate challenges effectively and thrive in an ever-changing business landscape.