Report - March 2022
The industry shift over the last two years to focus on operational resilience is transformative for risk management. However, this does come with some challenges.
Drawing on insights from a survey conducted among 40 of our member institutions, this study explores the challenges posed by the industry's shifting focus towards operational resilience and offers practical measures for overcoming them.
In particular, the report explores this in relation to four key topics selected by our members:
- The relationship between operational resilience and operational risk management, including synergies between the two disciplines
- Mapping end-to-end important business services
- Setting impact tolerances
- Third party resilience
The report, available to all ORX members, provides:
- Points of note – Observations on the survey results.
- Current steps taken and key areas to address – Activities undertaken as reported by participants and areas yet to be addressed.
- Key challenges – Sections in the report that address the key challenges identified by the Operational Resilience Working Group for each of the four topics selected.
- Questions to consider – A series of questions asked at the end of each main section. While answers will depend on a range of factors including organisational culture, location, business area and business model, these are intended to act as a checklist of considerations to support operational resilience planning activities.
Listen for insights
For an overview of the report, listen to the ORX Operational Risk Podcast episode on this study.
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Research and Information Director, ORX
Research Manager, ORX
Head of Risk Management, ORX