1. Digitally enabled operational resilience:
The imperative is establishing an agile, intelligent, and efficient system which can enable a rapid response and recovery for the organization. Technology is key to achieving this objective. Today, leading Business Continuity Management (BCM) program solutions can power every aspect of operational resilience and business continuity from planning and testing right through to managing and recovering from the actual disaster.
With integrated incident response tracking, recovery status monitoring and built-in command centers coupled with advanced features such as AI-driven risk insights, predictive analytics and compliance management, leading technologies can create a program that is fast, flexible, and intelligent. The end state is a centralized BCM platform, which is digitally enabled and accessible to all stakeholders, driving efficiencies and enabling the BCM team to move from spreadsheets and follow-ups to focusing on the bigger picture and strategizing for the next “black swan” moment.
2. Stronger BCP governance and organization-wide buy-in:
Business continuity planning has been an activity that few executives and function leads get deeply involved in. However, operational resilience cannot be isolated from the rest of the business operations. While the BCM team has centrally developed plans over years, disasters need to be managed by business leaders and employees across locations without warning. It is pivotal to have a cohesive, firmwide operational resilience model which embeds a resilience mindset throughout the organization, and not just treat it as a “tick-in-the-box” activity to be managed by the BCM team.
Further, to drive participation, organizations need to redefine and bolster their BCM governance. This can be achieved by putting in place a dedicated BCM team focused on operational resilience while also introducing cross-functional forums to let business functions contribute to business continuity decisions.
3. Aligning operational resilience strategies to the new hybrid work world:
The COVID-19 pandemic accelerated the shift to a world that is increasingly remote. As the geographical spread of employees has widened, organizations are susceptible to a wider and more unfamiliar range of risks. To be prepared for these risks, organizations need to revisit and adjust the business continuity and disaster recovery plans and strategies to ensure they are relevant to a remote working world.
To start off, entities would need to identify their locations hotspots i.e., places with high employee concentration to focus upon. Another essential task is ensuring the necessary technology infrastructure for seamless remote interactions is in place.
Other critical aspects include training of remote workers, testing in a remote environment, determining where resource backups are to be located and how they are to be trained, as well as how the communication with remote employees should occur during a disaster.