Operational Resilience
With the Central bank of Ireland's suggested timeline for implementation getting closer, there is growing interest in implementing Operational Resilience Framework across the industry.
What is Operational Resilience? The ability of a firm, and the financial services sector as a whole, to identify and prepare for, respond and adapt to, recover and learn from an operational disruption.
In times of uncertainty, effective leaders keep their organisations running, with high levels of service availability and sufficiently robust frameworks that ensure that the interests of members are safeguarded during any business disruption.
A flexible, pragmatic and proportionate approach to building an operational resilience framework will strengthen your organisation's ability to respond to and recover from business disruption.
We focus on identifying and mapping your critical or important business services including your third-party dependencies giving you a full 360 degree view of your service delivery environment. Controlling identified risks in your supply chain means you can ensure that your key suppliers can keep your services resilient.
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The Three Pillar Approach
Identify & Prepare
Regulatory alignment -Helping you to align with and embed operational resilience regulatory requirements. Critical or Important Business Service (CIBS) definition - Defining CIBS’s, developing impact tolerances, business process mapping, governance and ownership. Scenario testing and simulation of severe but plausible scenarios.
Respond & Adapt
Integration of existing Business Continuity, GDPR , Crisis Communication & Incident Response plans into an Overarching Operational Resilience Framework document. Third party risk management- Identifying and mitigating risk in your in your critical 3rd party suppliers.
Recover & Learn
Ongoing training of staff, mgt and board on Operational Resilience. Development of a “Lessons Learned Exercise” process should a disruption occur.
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A Phased Approach to Growth
The guidelines from Central Bank of Ireland should be seen as a huge opportunity than just a compliance requirement.
Compliance to CBI guidelines is a solid foundation if you want to take resilience further to enhance your business.
While the Central Bank priorities "Critical Processes" the logical next step is to expand resilience to all your processes thereby enhancing resilience. Standardization across your branches, improvements and cost savings is the natural next step.
Would you like to discuss a project?
Don't hesitate to get in touch with our team
Frequently Asked Questions
What is Operations Resilience
The ability of a firm, and the financial services sector as a whole, to identify and prepare for, respond and adapt to, recover and learn from an operational disruption.
In times of uncertainty, effective leaders keep their organisations running, with high levels of service availability and sufficiently robust frameworks that ensure that the interests of members are safeguarded during any business disruption.
What does a typical Operations Resilience Project look like?
We work closely with your Board of Directors, Management Team and Employees to get buy-in at all levels.
The Strategic Framework is agreed at the start with BoD and management team through workshops.
The project execution entails individually tackling all areas listed in the Three Pillar Approach listed in the Central Bank's guidelines.
This includes, but is not limited to SolutionOut's project team working with your team and completing the major deliverables below:
Identifying critical processes and associated tolerances
Process Mapping and documenting the critical processes
Mapping third party dependancies
Conducting Process analysis, documenting and testing mitigation plans
Reviewing and updating BCP, Cyber Resilience, Incident management, Communication and Learning Strategies
These are done through workshops and individual consultations with process experts in your business.
Documentation is created and signed off with the relevant stakeholders.
Training and support are provided to make the team self sufficient to update and manage the deliverables in the future.
How much does this project cost?
Operations Resilience is an investment for the future. There are different approaches to pricing that can help make it suitable for you. Please contact us and we can discuss what works best for you.