10 Key Steps to getting Operational Resilience off the ground

It can seem daunting to begin a brand-new process for your business. However, risk assessments are an easy way to remain resilient in this ever-changing economy, protecting you and your business in the long term.

 

10 Key Steps to getting Operational Resilience off the ground

  1.  Put resilience on the agenda of the Senior Management Team.

Identify a champion who will drive the initiative. For larger organisations, it would be good if there was a champion per function. A decision-maker is an important part of the process. If you are carrying out a risk assessment, make sure there is someone who can stand up and take action to implement these changes, so these changes can benefit your company in the long run.

  2.  Identify your business-critical services, the systems and the third parties they depend on.

Conduct a detailed risk assessment on the “Service Disruption” risk. Identify any missing controls / protections / mitigation. Address the gaps identified and come up with a strategy to take action.

  3.  Assess your Information security risk (includes cyber-risk)

  • Identify
  • Protect
  • Detect
  • Respond
  • and Recover

  4.  Develop a response plan to guide your response to a service disruption.

Keep your plan generic, but consider:

loss of building;

loss of systems;

and loss of people.

Then develop contingencies for each loss.

  5.  Develop a Business Continuity plan that focuses on how you will deliver essential services following a severe disruption.

Develop response plans to deal with specific incidents (e.g. cyber-attacks)

Communicate your plans to all relevant employees/third parties.

  6.  Test your plans.

Update your plans after each test, you will always learn something from a test/exercise. Part of risk assessment is taking your findings, learning from them and adapting to grow more resilient in future.

  7.  Consider how you might recover from a Disaster. (e.g. fire, flood)

  8.  If an incident becomes a crisis, you will need a Crisis Management plan

  9.  Manage your Third Parties, they are a risk too.

10. Review and React

Take a resilience self-assessment to see how your risk management would benefit your company’s resilience.

 

Once these steps are implemented, you can assess how resilient you are.

Find out more on our resilience self-assessment, as well as an in-depth and easy to follow guide on how to get started with operational resilience by downloading our latest White Paper on our website here.

Recent News

office meeting at sunrise

10 Things to Ask When Outsourcing / Choosing a Supplier

Many organisations choose to outsource critical functions or services to third parties/contractors. However, outsourcing the work does not ...
Read More
risk assessment

Top Risks for Charities in 2023

As charities work to address some of society’s most pressing issues, they are faced with a wide range ...
Read More
financial growth - money sprouting a seed

Featured Risk – Failure to appropriately address Climate Risk and broader ESG issues

Risk is the effect of uncertainty on objectives. Climate change, along with its broader environmental, social and governance ...
Read More

CalQRisk wins CIR Risk Management Product of the Year

CalQRisk, an Irish-developed software application, has won Risk Management Product of the Year in the recent Risk Management ...
Read More
Database

How to Prepare for Cyber Attacks

The potential for cyber-attacks is an ever-increasing concern. Daily, there are stories about organisations, both large and small ...
Read More
Central bank of ireland building

Central Bank of Ireland releases Discussion Paper on the Review of the Consumer Protection Code (CPC)

The Central Bank of Ireland has released a Discussion Paper on the review of the Consumer Protection Code. ...
Read More

CalQRisk attends the MATs Summit 2022

CalQRisk is delighted to be exhibiting at the MATs Summit 2022 in Stratford-Upon-Avon on October 13th and 14th. ...
Read More

CalQRisk attends the Charities Leadership Summit 2022

CalQRisk will be in attendance at the Charities Leadership Summit on September 15th, 2022.   This year's summit ...
Read More
Brokers Ireland Logo

CalQRisk attends the Brokers Ireland Meet the Market Day 2022

CalQRisk will be in attendance at the Brokers Ireland Meet the Market Day at the RDS on September ...
Read More

CalQRisk is Attending the CUMA Autumn Conference

CalQRisk will be attending the CUMA Autumn Conference on Sustainability and Strategy. The conference takes place on September  ...
Read More