Operational resilience is usually defined as an organisation’s ability to adapt to rapidly changing environments. This includes the resilience of systems, processes and people and more generally the organisation’s ability to continue to operate during disruptive events.
The world has seen its fair share of disruptive events in recent times. Over the past three months, we have seen the global spread of the novel coronavirus (COVID-19), social unrest in Hong Kong and uncontrollable wildfires in Australia, among many other significant global and regional events that have severely impacted the day-to-day lives of many people, and the “business-as-usual” operations of many organisations across sectors, including financial services. These disruptions have not been one-off short-term disruptions, but instead, significant enough to force organisations to permanently adapt their ways of working to ensure that they are able to operate under the “new normal”.
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