Mastering Risk Management

BUSINESS SURVIVAL AND OPERATIONAL RESILIENCE

Before we look at the detail, we should also look at a new phrase has come into the business survival world – operational resilience. It has been given a boost by a number of consultation papers by the financial services regulators.2 In essence, operational resilience is the need for firms to determine which customers and other third parties will be harmed by their inability to deliver critical operations through a disruption. Critical operations involve activities and processes, as well as supporting assets, such as people, technology, data and facilities, as well as capital. Operational resilience is effectively about the impact to the business and especially customers, as well as suppliers and ...