Author - Chris Goodeve-Ballard
1. Assessment of Effectiveness
By tracking your progress, you can assess the effectiveness of your operational resilience initiatives. You can determine whether the strategies, processes, and controls you have implemented are achieving the desired outcomes. Monitoring your progress allows you to identify any gaps or areas of improvement that need to be addressed.
2. Performance Measurement
Tracking progress provides a means to measure your organisation's performance in terms of operational resilience. It helps you establish key performance indicators (KPIs) and metrics to evaluate your resilience capabilities. By monitoring these metrics over time, you can gauge your performance, set targets, and identify trends or patterns that may require attention.
3. Compliance and Regulatory Requirements
Many industries and sectors have regulatory requirements or standards related to operational resilience. Tracking progress helps ensure compliance with these obligations. It allows you to demonstrate to regulators or auditors that you have implemented appropriate measures, conducted necessary tests and exercises, and are continuously improving your resilience posture.
4. Risk Identification and Mitigation
Operational resilience is about identifying and managing risks that could impact your organisation's ability to deliver critical products, services, or operations. By tracking your progress, you can identify emerging risks or vulnerabilities that may have been missed initially. This enables proactive risk mitigation and the implementation of necessary controls to reduce the likelihood and impact of potential disruptions. 5. Continuous Improvement
Operational resilience is an ongoing effort. By tracking progress, you can identify areas where you can enhance your capabilities, refine processes, and strengthen your organisation's resilience. Regularly monitoring and reviewing your progress fosters a culture of continuous improvement, ensuring that your operational resilience strategies evolve and remain effective in the face of changing threats and challenges.
6. Stakeholder Confidence
Tracking progress and demonstrating improvements in operational resilience can enhance stakeholder confidence. This includes customers, investors, partners, and other stakeholders who rely on your organisation's ability to deliver products or services consistently. The ability to showcase your resilience efforts and progress can build trust, improve relationships, and differentiate your organisation from competitors.
Tracking progress in operational resilience is essential for evaluating effectiveness, measuring performance, ensuring compliance, mitigating risks, driving continuous improvement, and instilling stakeholder confidence. It provides a structured approach to enhancing your organisation's ability to withstand and recover from disruptions, ultimately contributing to long-term success and sustainability.
Aldbury International Everything above is, when you think about it, self-evident so what does Aldbury International’s Operational Resilience Self-Assessment Scorecard add?
It has been produced by a collaboration between Aldbury International and CoBOS Technology. This combination of subject matter expertise and experience in Operational Resilience and Technology, focused solely on Financial Services, is hard to find anywhere else for a comparable price.
The Operational Resilience Self-Assessment Scorecard allows you to look at how you are performing against others in the Financial Services sector. This meaningful aggregate data, in the background, allows you to understand where you are in terms of your peers, so you are not working in isolation.
Aldbury International Directors are regularly speaking to firms across the Financial Services spectrum and have an unrivalled understanding of what is happening in this sector and what the regulators are thinking. This all feeds into the Operational Resilience Self-Assessment Scorecard.
If you would like to know more about our Operational Resilience Self-Assessment Scorecard or organise a free trial, click on this link.