Most businesses have survived COVID-19 - fantastic news. However, COVID-19 has taken a significant toll on how businesses operate: how many changes were made on the fly? - how many controls were relaxed to cope with the new working environment? Now is the time to make sure your business is truly resilient.
What does being truly resilient mean? – It means knowing how you will fare when a severe disruption hits you, and how much you will be able to continue to deliver for your customers. This is crucial – the next disruption may hit just your firm and not the whole sector or the whole economy.
Thinking about your business as a set of end-to-end services, and then using a holistic service management approach to optimise the resilience of those services could be the difference between your business making it through a crisis and suffering real loss.
Though UK and global financial services regulators have been the first to drive operational resilience, cyber-attacks and COVID-19 have pushed the topic to the board agenda for firms across all industries. Operational resilience is a key part of future-proofing businesses. Furthermore, a robust operational resilience capability should also bring a number of strategic benefits, particularly around cost reduction, organisational agility and customer experience.
A resilience capability incorporates much of the traditional disciplines of business continuity management, operational risk, cyber security and third-party risk management, but also introduces new perspectives including measuring your overall resilience and taking an end-to-end perspective. This can mean that the path to operational resilience is not straightforward, particularly for businesses who have challenges with legacy systems, fragmented tools and finding a ‘single version of truth’ when it comes to data. We understand how critical it is to prepare your business for disruptive events and what it takes to build a more resilient organisation.
If you want your business to be more trusted, connected and powered, having a strong operational resilience capability is an essential part of your model. Operational resilience is not a one-time exercise; we enable you to continually improve the resilience of your supply chains, internal operations and production, and customer service.