This imperative is strongly emphasized in a formal Recommendation on the Governance of Critical Risks that was developed by the Organisation for Economic Cooperation and Development (OECD) with Oliver Wyman input and approved by the OECD Council of Ministers in May.
The Recommendation sets out five principles to help countries strengthen resilience to sudden-onset events such as earthquakes, industrial accidents, and terrorist attacks; gradual-onset events such as pandemics; and steady-state risks such as illicit trade and organized crime. All of these potential occurrences threaten infrastructure critical for sectors vital to economic activities, lead to widespread damages and losses, degrade key environmental assets, negatively impact public finances, and erode public trust in government.
