Executive Vice President & Chief Financial Officer, JAZZ PHARMACEUTICALS PLC
Philip Johnson discusses the concept of resilience
About Philip Johnson
In a 2017 discussion, Philip Johnson, Executive Vice President and Chief Financial Officer at Jazz, addressed the concept of resilience. He described resilience as "the ability to bounce back," noting that this is something his company helps clients with. Johnson also stated that resilience is "really about not having the event in the first place," and expressed a core belief, which he said is shared by clients, that "the majority of all loss is preventable." He framed resilience as a matter of protecting oneself against major events so that one is not affected when neighbors or competitors are "taken down by significant events."
Transcript (1 segments)
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While a robust supply chain is key to most global businesses these days, resilience is probably an overused phrase these days in risk management and insurance. But if you think about it and what it actually means, resilience is one way of describing the ability to bounce back, and that's very important. That's one of the things we help our clients with. But if you take that to its extreme, resilience is really about not having the event in the first place. So it's always better, and it's our core belief, and it's a belief that our clients share, that the majority of all loss is preventable. That's really it for us. It's a fundamental core cornerstone of the resilience discussion. It's really how do you protect yourself against major events, and how do you protect yourself so that you're not the one that's affected when your neighbors, when your competitors, are taken down by significant events.