7 Reasons Why Business Continuity and Technology Resilience Managed Services Will Benefit Your Business Operational leaders of nearly every organisation, regardless of size, geography or industry, have seen a seismic shift in the unexpected changes to operational processes over the last few years. From supply chain and infrastructure disruptions, remote work and severe staff shortages to rapidly rising prices, each business has a striking story to tell of how it has been impacted. It’s also likely these companies have also seen emerging threats including cybersecurity risk and ransomware events, climate change effects, emerging geopolitical unrest and a growing war for talent. These new threats are in addition to the standard all-hazards approach evaluation to emergency preparedness planning that historically focuses upon capacities and capabilities critical to preparedness for major risks including environmental risks, man-made risks, technology risks and business process risks. Many have paid the heavy toll that unanticipated downtime can take as costs have skyrocketed. Topics Business Performance We all hope these challenges are now in our rearview mirrors, but it’s clear that the road ahead will need to be carefully addressed to incorporate evolving enterprise business continuity management (EBCM) methodologies, tools, techniques and continuous improvement to drive operational efficiency. An even more effective approach is to deliver business continuity management programmes using a managed services provider. Enterprise Business Continuity Management is critical to an effective implementation of operational resilience for all mature organisations in today’s business environment. A managed network approach supported with professional services will reduce implementation and ongoing maintenance risks while focusing on business resumption, data protection, technology resilience and regulatory compliance. The 7 immediate benefits In our consulting services work here at Protiviti, we are seeing more clients turn to a business continuity and technology resilience solution delivered via a managed services provider to effectively manage their EBCM investments, addressing the key issues of operational recovery, risk transfer, and management’s acceptance of the residual enterprise risks that may also exist. We believe that business continuity and technology resilience through managed services has now become an optimal approach to implementing an effective EBCM programme, offering seven important benefits, including: Ensuring that qualified talent is maintained to improve EBCM throughout the lifecycle The recent “Great Resignation” and strong labor market demand has left organisations with gaps in experienced EBCM resources as well as loss of Single Points of Failure (SPOF) resources that are critical to recovery from business disruptions and disasters. Full-service Managed Services partnerships provide current industry insights and on-demand access to Subject Matter Experts (SME). Providing lower human resources fixed costs with greater short-term and long-term human resource allocation flexibility over time Full-Time Equivalent (FTE) employees carry burdened costs and with them the inability to quickly interchange with more appropriately skilled resources as the business continuity and technology resilience requirements of an organisation change. Managed services providers reduce overall human resource fixed costs and enable companies to be more agile in addressing the numerous evolving potential business and technology hazards. Decreasing execution risks and uncertainty of a comprehensive BCM programme that delivers return on investment organisations are confronted today with risks related to both effectively executing the BCM programme as well as systemically assessing threats to their business. Managed services providers deliver a proven approach to business continuity and technology resilience while customising the continuity risk assessment (CRA) for each enterprise. The CRA executed by managed services providers utilise a growing proprietary risk and threat inventory library and evaluate a company’s unique potential hazards based upon impacts including severity, likelihood and velocity. Including knowledge of continually changing regulations to fully meet regulatory compliance requirements The regulatory requirements for business continuity and technology resilience are repeatedly modified and vary across industry sectors. For example, in the financial services industry the Office of the Comptroller of the Currency (OCC) issues Matters Requiring Attention (MRA) and the Federal Reserve issues Matters Requiring Immediate Attention (MRIA) that are costly to address and may impact the ability to conduct business. Managed services providers remain current on regulatory requirements through experience providing risk management and compliance services to numerous clients each year and support organisations with preempting regulatory findings. Delivering subject matter experts who have the experience and expertise of implementing industry-leading practices across hundreds of leading organisations Every organisation implements an individual approach to business continuity and technology-based upon factors including historical experience that may not effectively leverage current industry-leading practices. Managed services providers begin with BCM programmes that have been successfully implemented internationally across industry sectors and tailor to each company’s unique business and technology requirements, size, customer focus and risk profile. Incorporating BCM methodology, tools, techniques and documentation of technology solutions organisations require proven BCM methodologies and supporting tools to address the current complex risk and threat environment. Managed services providers maintain libraries of actionable BCM strategies, polices, standards, charters, procedures and templates. Additional services include expertise in leading BCM / governance, risk and compliance (GRC) and emergency communications tools’ evaluations, implementations, data migrations, optimisation and maintenance. Encompassing continuous improvement capabilities to understand how best to integrate evolving leading practices into operations and resilience strategies, while remaining aligned to the organisation’s business resumption requirements and risk profile A continuous improvement programme includes managing remediation activities identified during actual business disruptions and throughout the annual BCM update activities (e.g., business impact analysis, continuity risk assessment, business continuity plans, crisis management plans, disaster recovery plans, tests and exercises, etc.) that are prioritised by characteristics including criticality, urgency, business benefits, resources and budget. Managed services providers deliver the EBCM governance to mature the programme including Board reporting, executive management dashboards and performance metrics. Given how the world has changed over the last several years, the business continuity and technology resilience function within every small, medium and large global organisation is more critical than ever before. Enterprises must prepare for the myriad of simultaneous and escalating daily threat events that can severely disrupt a company’s business operations and cause serious financial performance risk. Organisations must also continuously develop recommendations for implementing enhanced controls that will reduce the likelihood and/or severity of disruptive event occurrence. Choosing a managed services provider can make a world of difference. In addition, implementing leading practice risk avoidance controls will be considered a company’s best risk mitigation investment for the present and for the future. Continual monitoring Staying ahead of the next operational disruption is a 24/7 endeavor. Comprehensive continuity planning and proactive monitoring must address current threats and then will be continually tested and communicated to employees, contractors and key stakeholders. A thorough business continuity management refreshment and review across all operations ensures process consistency, planning timeliness, sustainability and enables ongoing resilience of critical business operations including all underlying dependencies and support services. On a cyclical cadence, critical activities within each category must be customised to address specific concerns while maintaining the overall capability and cohesiveness of the BCM programme. Advanced BCM programmes require complete annual evaluations due to the rapidly changing dynamic risk environment. This evergreen approach will secure the successful recovery of current critical business functions, technologies, personnel, facilities, and third-party service providers. Moving forward with confidence Today, organisations are confronted with increasing fiduciary and legal responsibilities of implementing effective EBCM programmes while also maintaining the essential qualified internal staff to execute robust business continuity and technology resilience. Whether an organisation has implemented a mature EBCM programme or if management teams are evaluating alternatives to augment their existing EBCM programmes – the insights provided within Your Guide to Business Continuity and Resilience will improve the design, performance and implementation of any EBCM programme with up-to-date leading practices and with the most comprehensive solutions support. To learn more about our business continuity management and operational resilience consulting solutions, contact us. Find out more about our solutions: Supply Chain Operations & Performance At Protiviti, we help organisations envision and run supply chain networks that drive change, align with their strategies, and make a positive impact on society. The supply chain of the future is a complete reimagining of how we've done things in the past. Business Continuity and Resilience We help organisations minimise and mitigate the risks associated with unplanned events. We revisit business continuity plans and develop comprehensive technology resilience strategies to protect your people, brand, operations, revenue, and remain compliant. Operational Resilience Improve resilience through a robust testing program, building on existing business continuity management activities, IT disaster recovery, and cybersecurity incident response. We bring knowledge across the four domain areas of operational resilience: business, technology, cyber, and third-party. Technology Consulting Services Whether you are looking to automate, modernise, or embark on an end-to-end transformation journey, our technology consulting solutions can help. Our services range from strategy, design, and development through implementation, risk management, and managed services. Leadership Leslie Howatt Leslie is a managing director, and Protiviti’s technology consulting solution lead. She specialises in digital and technology strategy as well as transformational change with over 25 years’ experience across consulting, industry, and government sectors. She has ... Learn More Hirun Tantirigama Hirun is a managing director with 15 years’ experience in providing risk and regulatory advisory services across a variety of clients and industries. He has led complex, transformational programs across areas such as operational risk, regulatory remediation, operational ... Learn More Early Signs of Regulatory Alignment on Operational Resilience Concepts, Themes In early August 2020, the Basel Committee on Banking Supervision (BCBS) released a consultative document, titled “Principles for Operational Resilience,” that proposed a pragmatic yet flexible approach to operational resilience, one intended to be principles-based. Read more Procurement Transformation Fuels Supply Chain Resilience Procurement resilience is a critical capability and enabler of organisations looking to achieve broader operational and supply chain resilience. New global trade realities confront procurement leaders with a crucial choice: sustain their traditional focus on cost and efficiency or embrace a more strategic mindset centered on resilience. Read more Integrating Your Business and Talent Strategy: Partnering With Your CHRO Is a Strategic Imperative Today’s challenging business climate demands that boards of directors and executive leaders view the organisation’s talent strategy in coordination and lockstep with their strategic business objectives. High-performing organisations are deploying a new talent game plan, led by their chief human resources officers (CHROs), to establish and sustain this alignment. Read more