Posted on: November 20, 2020 by Paula Fontana
The foreseeable future is marked by uncertainty.
The economy as we knew it is likely a thing of the past.
COVID and its cascading impacts have accelerated dynamics long in play and introduced widespread disruption. While the technological and societal transformations underway are likely positive in the long-term, they will create demand for new resilience measures.
In times of crisis, more is lost by indecision than by the wrong decision.
Operational risk and resilience teams need to balance a complex agenda:
- Crisis management: addressing the ad hoc shocks of health, information security, third party, geopolitical, climate, and economic crises.
- Business as usual-ish: run the day-to-day business operations in a more complex social and economic environment.
- Accelerated transformation: support the deployment of a transformation program in response to rapidly shifting customers and operating environment.
Over the span of nearly two decades, Fusion has helped hundreds of global organizations mitigate changing operational risks and enable them to them adapt with agility in the face of change.
In 2020, we partnered with many of those same organizations, and some new faces, in driving new innovation in resilience aligned to an evolving regulatory perspective and best practice. This shared view of resilience has a renewed focus on the needs of customers, economies, and global markets, as well as the sustained interests of enterprises. From these findings, we have developed 10 Steps to Get Started With Operational Resilience. A quick guide to help you learn how to leverage agile, collaborative risk and resilience to boost your company’s recovery post-COVID-19.
This integrated view of resilience includes new capabilities that help organizations surmount sustained external and internal pressures in a new era of transformation. Resilient organizations have an inherent understanding of how their business works, how it breaks, how to put it back together again, and how to put it together again in new ways. When building a resilient enterprise, financial services regulators and leading firms are establishing a new foundation for operations with the following key activities:
Fusion’s operational resilience capabilities extend the existing platform by creating connected experiences for companies to make these steps actionable and scalable, including:
- Cataloging customer-facing services and products: Providing more visibility into the services and products you provide to customers and how they are delivered.
- Determining what services are critical to your customers: Establishing what services and products are critical from a customer, economic, market, third party, or firm perspective.
- Mapping the delivery of critical services and products end-to-end: Fusion doesn’t just show you how your processes are performing, but also what you need to do to help them perform better. Uncover points of friction, single points of failure, and understand exactly which actions you need to take to minimize disruption and improve efficiency over time.
- Assessing the impact of a disruption: Understand the risks and impact of an operational failure and manage impact tolerances. Go beyond basic process metrics to show you how single points of failure and process inefficiency affect risks and key business outcomes.
Fusion’s purpose-built frameworks and toolsets provide a unified view of your operation, allowing product and service owners, executives, and risk and resilience teams to better monitor risks, events, and look for opportunities to improve or evolve these offerings to meet the changing needs of the market.
As a leader in the business continuity and risk management industry, Fusion Risk Management is known for its leadership in providing authoritative operational and situational insights together with enterprise workflows to help organizations know what’s holding the team back, and helps your organization move forward with new opportunities to increase revenue, create efficiency, mitigate risk, and protect customer trust.
If your organization is looking to expand on their existing risk or resilience capabilities or wants to learn more about how to meet the new mandate running, protecting, changing, and growing your organization, reach out to your Fusion account manager or contact us today.
What has your experience been on the journey to operational resilience? I’d love to hear your thoughts!
To get started on your own risk and resilience program, check out this free guide.
Curious about the Fusion’s Risk and Resilience Roundtable program?
I couldn’t be more grateful for the Fusion Community for taking the time to invest in their peers. By providing such great benchmark data and joining regular roundtables to discuss the results, these leaders are helping us all get better together – building a more resilient world.
If you or someone you know would be interested in joining the Fusion Roundtable program, please take our signup survey.