COMPARING RISK AND RESILIENCE APPROACHES

Ever increasing challenges in the areas of risk management have led to a need for a risk management approach which deals not only with threat prevention but also adaption, absorption and recovery from adverse events. This has led to the rise of the concept of resilience analysis and management, which, unlike risk assessment and management focuses on the overall system under analysis rather than its individual components. Therefore, both the civilian and military sector have, over the past decade, emphasized the need to clarify the concept of resilience management as well as to differentiate it from related terms such as risk management. This article aims to build upon the existing literature and provide a comparison of the risk and resilience approaches which offer ways to analyze and manage these concept