Operational Resilience: Considerations For Boards, The C-Suite and Enterprisewide Implementation Download Since the beginning of 2020, organisations have been working tirelessly to address the range of complex issues accentuated by the COVID-19 pandemic. While this work continues for many organisations, forward-thinking business leaders are also looking beyond the crisis to operationalise new strategies that will help them build resilient enterprises for many decades to come.Resilience is not about preventing operational outages or shocks but about how organisations prepare themselves to absorb events so they can recover quickly and continue to function or operate effectively. In a post-pandemic environment, technology will still create opportunities and vulnerabilities. Outsourcing to vendors and third-party contractors will provide efficiencies and reduce cost, but also create concentration and supply chain risks. The sophistication of cyber threats will continue to increase, and, surely, another ravaging pandemic in the not-so-distant future is no longer outside the realm of possibilities.In consultation with operational risk experts and regulators around the world, Protiviti’s thought leaders have been discussing and weighing the key considerations that should be top of mind for business leaders as they strategise over how to build resilience and thrive in a new and increasingly risky business environment. The insights developed from these engagements have been compiled in a series of white papers published over the past year.In this report, we share several of the insights on operational resilience. The report includes a detailed discussion on the board’s role in overseeing operational resilience and key considerations for directors; an analysis of the key concepts and practices that C-suite leaders need to understand to build operational resilience; and a checklist of practical steps firms need to implement a resilience plan across the enterprise.Visit our Operational Resilience web site to access additional insights and our industry-leading operational resilience framework. Download Pro Briefcase Driving operational resilience from the C-suite The actions and decisions of C-suite leaders are typically driven by strategies designed to guide businesses toward growth and success. These plans invariably contain many assumptions. One is the expectation that their organisations will be able to deliver goods and services to customers even under stressful conditions — an expectation of resilience that is sometimes ill-conceived and unsupported. Read More Pro Document Folder Operational resilience gets a makeover in the “new normal” Churchill said he strived “to foretell what is going to happen tomorrow, next week, next month, and next year — and to have the ability afterwards to explain why it didn’t happen.” His acknowledgment of the futility in predicting the future is especially apropos today as markets transition to the eventual “new normal.” Read More Pro Document Consent Implementing operational resilience across the organisation: An essential checklist Like any enterprisewide organisational change, implementing an operational resilience programme across an organisation requires a careful and collaborative effort to be successful. Whether implementation has been in the works for several years or is just beginning, turning the resilience programme from concept to reality is hard work. Read More Views on Board Governance — Where Directors and C-Suite Leaders Align and Diverge The views of more than 1,000 directors and C-suite executives on the role and effectiveness of the board are the focus of this report on the results of our inaugural Global Board Governance Survey. This study -- developed by Protiviti, BoardProspects and Broadridge -- is, we believe, the first of its kind. Read more How tech firms can prepare for new EU operational resilience rules on ICT risks A two-step indicator-based approach proposed by EU supervisory authorities will be used to assess ICT services providers to determine whether they should be designated as critical and subjected to oversight under the Digital Operational Resilience Act (DORA). Read more
