18 May 2023
BCAW 2023: Operational Resiliency
The fourth article introduces the concept of Operational Resiliency and its importance in ensuring Business Continuity in case of disruptive events.
Operational Resiliency is the ability of an organisation to withstand, adapt and recover from disruptive events while continuing its activities. In today's complex and rapidly changing business environment, Operational Resiliency has become an essential aspect of business continuity planning.
This article explores the concept of Operational Resiliency, its importance, and how organisations can develop and implement an effective Operational Resiliency strategy.
Operational Resiliency requires a comprehensive understanding of key business activities, including the dependencies, interconnections, and risks associated. Organisations should identify and prioritise key functions and services, assess the impact of disruptive events and their ability to deliver them.
Operational Resiliency also involves the development of robust contingency plans and recovery strategies to minimise the impact of disruptive events on the business activities. These plans should include measures such as redundancy, backup systems, and alternative providers to ensure continuity in case of disruptive events.
Effective communication and collaboration across the organisation as well as with external stakeholders, is also key to Operational Resiliency. Organisations should establish clear lines of communication, develop collaborative relationships with partners and suppliers, and maintain a strong relationship with regulators and other stakeholders.
Implementing effective risk management processes to identify, assess, and mitigate risks to key activities is also important. These processes should be integrated into the overall Operational Resiliency strategy, which are regularly reviewed and updated to adapt to changing risks.
Organisations should plan their funds to invest in technology and data analytics with the view to improve visibility and traceability across the key activities of their business. This includes implementing real-time monitoring and tracking systems to identify and address disruptive events as soon as possible.
Another important aspect of Operational Resiliency is the requirement for a culture of continuous improvement and learning. Organisations should regularly review and test their Operational Resiliency plans and processes, and learn from past disruptions to improve their resiliency in future.
In conclusion, Operational Resiliency is essential to ensure the continuity of key activities of businesses when face with disruptive events. It requires a comprehensive understanding of critical operations and services, robust contingency planning and recovery strategies, effective communication and collaboration, risk management processes, investment in technology and data analytics, and a culture of continuous improvement and learning. By developing and implementing an effective Operational Resiliency strategy, organisations can minimise the impact of disruptive events on their activities, maintaining customer trust, enhancing their overall satisfaction with the view to enhance their overall resiliency and competitiveness.
We invite you to stay informed through our series of 5 NewsIT which aims to explore the concept of Resiliency, its significance, and how to develop and embrace it.
BIRGER.