Executive Roundtable: Speaking Resilience in the Language of Business

By: Paula Fontana, Director of Product Marketing

October 1, 2020 in Business Resilience, Risk Management

10 insights from global resilience leaders in financial services

Resilience insights concept: Chalkboard Light Bulb

1. Resilience is a board-level concern.

Operational resilience is considered ‘direction of travel’ for the broader industry, a non-optional set of activities executed in order to serve and protect customers and the backbone of economic security.

2. Business owners are at the resilience helm.

This can be both a challenge and an opportunity for risk and resilience teams looking to drive data-driven decision-making and repeatable best practices across the firm. Partnership is the new imperative.

3. 1st and 2nd line definitions are shifting.

Business continuity and risk teams are increasingly integrated into the business. Part regulatory-driven, part cultural, firms are recognizing that for resilience to impact operations at scale, it needs to be thought of as a whole.

4. Business priorities are driving focus.

Connecting your resilience efforts to organizational priorities  allows you to drive direct impact on your organizational outcomes faster. Focusing on what’s important ultimately unlocks value to the organization and furthers opportunities for partnership at greater scale.

5. Guidance + Institutional Know-How = Excellence

Many firms look at winning practices as an amalgamation of guidance and institutional know-how. However, what works at one institution may not work at another, so strategies must change according to the broader situational context. Firms are at different stages of interpreting guidance based on pacing of guidance.

6. Communicate in the language of business.

Risk and resilience teams have created a lingo of their own governing the ways in which we work, communicate, and measure progress. However, the way in which you communicate with constituents across the organization can mean the difference between stagnation and success.

7. Navigate with a cultural map.  

In the same way, resilience teams must be sensitive to geographical and cultural nuances when driving large-scale organizational change. Similarly, ‘tribal rules’ within departments or geographies can influence the mindset and behaviors of individual teams.

8. Data integrity is a precursor to success.

Data integrity is a huge barrier to real progress. The so-called ‘bronze datasets’ that plague many institutions can make it difficult to yield real insight, or even worse, provide outdated or incorrect information, shackling effective decision-making.

9. Understanding is the foundation.

Understanding how your business works, how it breaks, and how to protect it is a foundational step in any resilience initiative. By mapping your organization with intent, you have a clear line of sight into what is most important for your customer.

10. Measure in three parts.

Measuring resilience efforts can be thought of in three parts  —  A) what needs attention now, B) what may need attention soon (emerging risks and issues), and C) those activities necessary to build a more resilient organization over time.