What is operational resilience?2020-11-26
With new regulations shortly being introduced, we look at what operational resilience is, and what it means for organisations.
– Bertie Basset, Senior Consultant, 4C International
Exonaut’s Operational Resilience software provides a web-based, end-to-end solution to allow organisations to conduct their resilience, recovery and crisis approach in a single tool. The solution enhances operational readiness by allowing managers to make timely and evidence based decisions on their vulnerabilities and identify where change is required.
Financial services are particularly affected by new demands for operational resilience and delivering critical operations through disruptions. Firms, Financial Market Infrastructure (FMI) and the financial sector as a whole must be able to prevent, adapt, respond to, recover and learn from operational disruptions that may impact on the delivery of Important Business Services (IBS) and economic functions.
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For example, in December 2019 the UK’s Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England set requirements and expectations for firms and Financial Market Infrastructure to identify their IBS by considering how disruption to the business services they provide can have impacts beyond their own commercial interests. They stated that a tolerance level for disruption must be set for each IBS and firms must ensure that they can continue to deliver their IBS whilst remaining within their impact tolerances. The proposals also included requirements to map and test IBS, to identify vulnerabilities and change where it is needed.
The Exonaut Operational Resilience solution is produced in response to this market requirement; it uniquely combines functionality from our Business Continuity, Crisis Management and Capability Development solutions which are used daily and trusted by our global client base. The images below provide a glimpse of the operational resilience dashboards, task management timelines, and dependency mapping that form part of this solution.