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Learn what the focus of Operational Resilience should be and what it takes to build a strong Operational Resilience capability in your business.
The World Economic Forum has estimated that “Fighting COVID-19 could cost 500 times as much as pandemic prevention measures”. This means that an investment in prevention measures would yield a staggering 50,000 % return. There are not many rational humans that would turn that business case down!
The case for “Prevention is better than cure” has never been stronger!
Operational Resilience seems to be the hot “new” topic in risk management. Yet, is it new? Erasmus thought that this principle of “Prevention is better than cure” was key back in the 1500’s! It’s not so new!
Operational Resilience is “the ability of an organisation to absorb and adapt in a changing environment” or as the global banking regulator, the Basel Committee, states “the ability of a bank to deliver critical operations through disruption”.
Operational Resilience is more than Disaster Recovery and Business Continuity although it encompasses these critical functions. Operational Resilience is both a process and a characteristic of an organisation.
It is a process that amalgamates all aspects of the organisation aimed at managing the risks of extreme shock events.
The building of resilience within your organisation requires a few key steps:
We are building that dedicated Operational Resilience Process that is part of our wider Protecht.ERM solution. As a result, it is able to draw on all of the existing Protecht.ERM functionality and better visualise that information through a visualisation tool.
Processes, their related resources and recovery time objectives can be visualised as per fig 1. Users are able to see more clearly dependencies and possible weaknesses in the service
Fig 1: A visualisation of operational resilience components in Protecht.ERM
Click below to watch our webinar recording on Operational Resilience. This webinar explores what it means to be resilient and what is required to make operational resilience an integral part of your Enterprise Risk Management Framework - from objectives to sub processes to critical resources and impact tolerance in operational resilience.
 Desiderius Erasmus – Dutch Philosopher. Attributed to this saying.
 ISO 2236 (2017): Security and resilience – organizational resilience - principles and attributes.
David Tattam is the Chief Research and Content Officer and co-founder of the Protecht Group. David’s vision is the redefine the way the world thinks about risk and to develop risk management to its rightful place as being a key driver of value creation in each of Protecht’s clients. David is the driving force in driving Protecht’s risk thinking to the frontiers of what is possible in risk management and to support the uplift of people risk capability through training and content.