With the pressures of a global pandemic, constant adaptation of working norms and ever-evolving regulations, financial organisations are facing more disruptions to their enterprises than ever before.
Michelle Meehan, our Operational Resilience lead, explains ten crucial steps to achieving Operational Resilience within your enterprise:
Establish an effective Resilience & Risk Programme with a primary focus on governance and leadership.
Define and prioritise your critical business services. This step may involve running a pilot of one or two of them, in order to gauge the importance of each service.
Make sure it is completely transparent which resources support these key business services:
IT, People, Third parties, Facilities, mix of all the above
Identify and review data sources related to the systems in order to manage the below resources:
HR Systems, Procurement Systems, IT Management Systems, Facilities Management Systems
Agree a single repository place to bring together business services and the data sources supporting them, so that your systems are fully integrated.
Define your resilience requirements and risk assessment framework for your services and their respective supporting tiers.
Define your business continuity and disaster recovery requirements, again for your services and their supporting tiers.
Ensure you have established impact tolerance and are executing scenario planning and testing.
Create a plan for remediation and continuous improvement – through event analysis, periodic assessment, and collaboration across the business, this will improve more strategic, investment decisions.
Roll out across the organisation with executive sponsors, ultimately improving the capability and culture of Operational Resilience within your enterprise.
The above steps allow for FS organisations to break down workplace silos and encourage effective responses to key business challenges. The management of operational risk is enhanced, creating a solid groundwork for the alignment of business goals as the world continues to work remotely.
If you'd like to learn more, get in touch with our team here.
Michelle Meehan is a Senior Consultant at Unifii. Prior to joining Unifii, Michelle was a ServiceNow Technology Resilience Lead at Lloyds Banking Group. Her work at LBG spanned various ServiceNow solutions based on ITSM, ITBM, GRC & Scoped Applications. Michelle is now the lead on some of Unifii’s key FS projects.