According to FM Global’s latest Resilience Index report, Australia is one of the most resilient nations in the world but could be exposed by “inherent cyber risk”.
The highly regarded index which was recently published ranks Australia’s business environment as the 17th most resilient out of 130 countries and territories. FM Global rankings are derived from 12 economic, risk quality and supply chain measures addressing business concerns around factors such as natural hazards, cyber threats, political and economic risk.
Australia is recognised for its high natural hazard risk quality (ranking 15th) due to the calibre and enforcement of building codes around threats such as floods and bushfires. It is also recognised for higher control of corruption (14th) and supply chain visibility (22nd). However it is held back by its inherent cyber risk (62nd).
FM Global also warn that by expanding into Asia, Australian companies face greater exposure. Key manufacturing hubs in Asia, such as Bangladesh and Sri Lanka rank poorly for natural hazard exposure (joint 112th).
Vietnam ranks last (130th) for natural hazard risk quality, due to poor quality and enforcement of building codes with respect to natural hazard resistant design. Many Asian countries appear much lower on the overall resilience list than Australia including India (59th), Thailand (73rd), China (split into 3 regions ranging from 68th to 76th).
Norway ranks first and Denmark is ranked second on the index.
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