Dimensionality - “The Devil in the Detail” of Operational Resilience Planning.
In its July 2018 Discussion Paper regarding Operational Resilience regulation, the Bank of England laid out the reasons for its belief that an organisation should have a comprehensive understanding and mapping of the systems and processes that support its critical business services. At a minimum it said firms and FMIs would be able to map the systems, people and processes that support their business services and this would include dependencies outside of their firm and not be restricted by geography.
As with most regulatory and change governance challenges but prescribed in this case, it is the dimensionality of information that needs to be correlated to establish, execute and maintain an effective plan for which a map is required and which will ultimately determine the completeness and effectiveness of the plan. Connecting the risks, critical services, mitigation requirements and the capabilities related to Operational Resilience, the map acts as the hub of discovered information that enables an organisation to scope, analyse and maintain an Operational Resilience Plan effectively.
Working with specialist companies in the field of governance and with their many different Subject Matter Experts, PRIMED has found its place supporting organisations with this challenge, helping them to collect, connect and reflect these many threads of information into a recognisable, easy to understand and traceable pattern. Whether for regulatory governance, change and capability tracking, the management of ISO Standards or for Operational Resilience Planning, the ability to cross relate and represent the information captured in a way that can easily be realised and maintained is often for these companies the glue that brings all that information together.
One particular consulting organisation that PRIMED works with has a very specific area of expertise. It helps government organisations to assess and correlate each element of local and international law and record and assess existing procedures and infrastructural capability against its legal requirement to respond effectively to unforeseen events.
PRIMED did not seek out this organisation, it searched for and found PRIMED. The reason for this was that in circumstances where there are many eventualities to consider, across many aspects and in many contexts and in which one thread can make all the difference, truly effective and sustainable mapping is required and that is not possible at any scale without the assistance of a platform like PRIMED.
We have learnt a lot from the Subject Matter Experts that we work with and the more we do the clearer the message we hear: In terms of investment and time spent, mapping may not always appear to be the biggest element of a governance program but as the hub of its many spokes, it defines the efficiency and effectiveness of discovery, gap analysis and remediation tracking and is the cog that then turns the wheel of effective oversight. Those companies who work with PRIMED find that it helps them deliver more efficiently and effectively and their customers to turn that wheel in the same way for longer.
If this challenge resonates with you , we would love to show you how in three straight forward steps PRIMED can help you collect and connect every element of your operational resilience plan and establish the all-important map that your plan needs and the regulator will require.