Operational Risk and Resilience

fifty staff responsible for credit approvals at a credit card

o rganization for even a short time effectively stops the busi-

n e s s .

As we have seen, one of the goals of operational risk manage-

ment is often to ensure greater business continuity. But ORM

is not merely defensive and safety-oriented. A main message of

this book is that, by allowing organizations to keep a stricter

rein on their operations and maintain continuity – what we

have termed ‘operational resilience’ – ORM can enable organ-

izations to reap significant competitive advantage.

To enable this requires not only a more detailed knowledge of

business processes or operational specification. ...