1. Behavioural skills.
The ability of individuals to recover from difficulties or to withstand external pressures.
- Resilience is the best tool for when your environment changes, and this is a skill that can be learned.
- Six ways to practise personal resilience:
- Attitude – understand your motivational state and how to change it
- Responses to stress – awareness enables control
- Commitment – what are your motivations?
- Control – understand what can and can’t be controlled in your environment
- Relationships – maintain clear and consistent communication
- Health – mental and physical
- Four ways to practise personal resilience during COVID-19:
- Maintain boundaries between home and work especially when working from home
- Be transparent
- Manage your positivity
- Look out for verbal and non-verbal clues in your work relationships
- Association of Corporate Treasurers, Mental wellbeing and top tips for thinking in a resilient way, May 2020
2. Risk management - organisations and systems - finance.
The ability of organisations or entire systems to recover from major problems, or to withstand adverse external conditions.
Examples of major problems include climate change, natural catastrophes, cyber-risk, financial market shocks and stresses.
- Rolls-Royce bolsters financial resilience
- "With the aviation sector decimated by COVID-19 and an entire staff base working from home, Rolls-Royce, which generates around 50% of its annual revenue from civil aerospace, undertook swift action to conserve cash and bolster liquidity through a series of complex transactions in the second half of 2020.
- The deals stemmed from overarching aims to:
- 1. provide financial resilience and strong liquidity headroom to see the business through any severe but plausible downside scenarios on the recovery in air transport..."
- ACT Deals of the Year Awards 2020 - Rolls Royce
- ACT Competency Framework
- Black swan
- Business skills
- Capital Conservation Buffer
- Commercial drive and organisation
- Emotional intelligence
- Event risk
- Executive coaching
- Financial Policy Committee
- Growth mindset
- Influencing skills
- Mind map
- Self management and accountability
- TCFD Recommendations
- Technical skills
- Working effectively with others