Building True Operational Resilience
Operational risks are becoming more disruptive and frequent than never before, threatening to disrupt the operational resilience of organizations.
Operational resilience can be considered as the capability of an organization to deliver all critical business processes in the face of disrupting events. This can be particularly tricky to achieve in an ever changing and rapidly evolving business landscape.
How can an organization achieve operational resilience? Through effective risk management.
Operational Resilience: A Critical Business Priority
Given the nature of today’s business environment, the need for digital transformation within organizations, and the increasing threat of risks, operational resilience should be a priority within every organization.
Some key principles to consider when evaluating the resilience posture of an organization should be:
Adaptability
How easy is it for the organization to adapt to different risk scenarios and effectively navigate through them?
Risk-Aware Decision Making
Is key decision-making within the organization purely reactive or is it rather data-driven and risk-aware?
Continuous Risk Monitoring
Are operational risks being properly tracked, managed, and mitigated on a regular basis?
Communication & Collaboration
Are risk management efforts fully collaborative and transparent across the organization or are they viewed as a siloed exercise?
Business Environment
From third-parties to IT infrastructure, how adaptive are the organization’s internal and external business landscapes?
Leadership & Corporate Culture
Truly resilient organizations must embed the idea of resilience within their corporate culture. This can only be achieved through a fully committed leadership team aiming to align the entire organization.
Building true operational resilience takes time, actions and capabilities that are only possible through the amalgamation of people, processes and technology. Viewing operational resilience as a use case to be covered within a GRC program should not be the goal, focus on operational resilience as a critical step for success within your business strategy.
Cyber Resilience within an Operational Resilience Framework
The terms operational resilience and cyber resilience are oftentimes mistakenly used interchangeably. Cyber resilience is just an element within an operational resilience framework. Logically the dimension refers to the capabilities of an organization to respond to a cyber risk that could potentially impact the digital ecosystem of the organization.
Complement your reading with our article: Cyber Resilience – From Third-Party to Cyber Risk Management for a comprehensive look into cyber resilience initiatives within organizations, common weak points in cyber risk management programs and much more.
Cyber resilience programs must encompass three main use cases within risk management:
Cyber Risk Management
Strengthening your organization’s cyber risk management capabilities is key to building a comprehensive defense against cyber threats and information security attacks. Check out our infographic: Power-Up Your Cyber Risk Management Program for a full look into Mitratech’s cyber risk management approach.
Third-Party Risk Management
Cyber and vendor risk management are connected by nature. Outsourcing core processes of the business to a third-party is a common avenue organizations go through. Jump into our infographic: Fully Automated Vendor Risk Management Processes and learn how to fuel efficiency within your business and save on costs.
IT Risk Management
The IT infrastructure (devices, technology tools, networks) and the users of these within an organization, are crucial to keeping the business running. However, they also form an intricate web of threats that risk teams must take into consideration. Take a look at our infographic: Value-Generating IT Risk Management & Information Security Compliance Technology for an insider look into Mitratech’s IT risk management approach.
Watch the latest episode of Mitratech’s Morning Coffee Show for an expert conversation touching on cyber resilience strategy between Ryan Fox, GRC Sales Manager at Mitratech, and Henry Umney, Director of GRC Strategy at Mitratech.
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