Operational Resiliency
Operational Resiliency - Archer IRM
Archer helps build an operational resiliency program designed to help organizations maintain critical processes and minimize any negative impact from crisis events.
Resilience is the ability of a system or a body to withstand disruptions and bounce back quickly from them.
Operational resiliency or operational resilience is the ability of an organization to adapt fluently to any sudden changes, disruption, risk or uncertainties that could crop up.
According to Gartner, operational resiliency is ”a set of techniques that allow people, processes and information systems to adapt to changing patterns.”
An organization can identify, detect, prevent, respond to and recover from operational hazards that will negatively impact business services delivery and essential business functions.
The key aim of operational resiliency is to make sure that organizations can bounce back quickly from threats and business operations can go on.
Ways to Build Operational Resiliency in Your Organization
Operational resiliency is one of the ingredients for success in any organization. Below are ways you can build or boost operational resiliency in your organization:
Know your primary business services. You should identify the critical services your organization offers. The most essential services that you render to your customers should be prioritized first for resiliency. Here, you should set precise tolerances for any disruptions to those services that might arise.
Understand your organization’s tolerance to impacts. You have to get creative with your team at this point. Using scenarios, you could find out the extent of disruption a business operation can withstand. That is, you must decide the point that disruption becomes intolerable.
Know your third-party organizations. You should know your third parties well and how they handle their businesses and affairs. Third parties have the power to make or break your organization and should be incorporated into your organization’s resiliency planning.
Keep your resiliency planning program flexible. Make sure your resiliency program can take updates and upgrades. As the world is changing and getting more globalized and digitalized, your program also has to be flexible to keep up. You should understand the internal and external factors which can affect your business that is likely to change and be prepared to adjust your operational resiliency plan to suit them.
Provide clear, transparent reports. Good, transparent reporting and good metrics knowledge can help you, and your board of directors make sound decisions concerning investments required for strong operational resiliency.
Benefits of Operational Resiliency
Organizations with an adequate operational resiliency plan will enjoy many benefits both in the short and long runs. But some of the main benefits are:
It helps organizations place more focus and drive investment towards their most important areas based on the results gotten from the prioritization of their most crucial services and operations.
It helps organizations in risk management by mitigating risk exposure via a proactive approach to controls and delivering business services even when there is a disruption.
It enhances customers’ trust and loyalty because when customers know that you can deliver business services to them in the face of disruption, they won’t have a reason to do their business elsewhere. Also, even if your organization cannot perform for a while, recovering rapidly from a threat will put your customers at ease and keep them loyal to you because they know that you can be trusted even in the face of adversities.
It promotes business resilience.
It helps organizations allocate resources more effectively so that investments will go to the business operations and services that have higher priorities. This, in turn, brings more profit to the organization.
It helps generate synergies across strategic, financial and operational resilience.
It helps to support the innovation agenda of organizations, and it boosts innovation cycles without putting any compromise on risk management by ensuring that the business is adaptable.
Operational resiliency is a must-have if you want your organization to thrive and develop. With the rate at which the world is evolving, any organization that doesn’t have solid, effective operational resiliency will go down fast. If you don’t know the right way to build up operational resiliency in your workplace, you can contact Archer today.
We have highly skilled professionals that have been grandfathered in the field. Our expert will give you an overview of operational resiliency, operational risk management and develop an effective program that will be perfect for your business. You don’t have to worry about anything; our experts have all the answers to any inquiry you might have.
FAQs
What is operational resiliency?
Operational resiliency is an organization’s ability to identify, detect, prevent, respond to and recover from operational hazards that will negatively impact business services delivery and essential business functions.
What are three ways you can build operational resiliency in your business?
Know your third parties.
Know your primary business services.
Understand your organization’s tolerance to impacts.