With the recent publication of the PRA’s supervisory statement on Operational Resilience, firms are now in the process of building and delivering their response.
At FourthLine, we are supporting several clients with various delivery models in order to meet the regulatory requirements expected of them.
In this blog, I’ll cover a couple of approaches we are taking with firms at different stages of their Operational Resilience journeys.
For clients who already have an established team, permanent single role hires may be the most helpful. Depending on the stage you are at, a Head of Operational Resilience or dedicated senior leadership role with a resilience capacity is a good way of having a centralised structure to hang the programme around.
The advantage of this is also to bring other business units into the fold under the resilience banner. Business Continuity, Disaster Recovery and Incident response can all report into the central resilience function and leverage the separate business units to build a complete picture of your business' firmwide Operational Resilience health.
Businesses at this stage have often completed certain steps to launch this BAU hiring approach. The firm will have already mapped their existing Important Business Services (IBS) and the board will have approved them. This then triggers the pilot process, where the organisation has a clearer approach of what outstanding work there is to complete and crucially, what resource is needed to carry it out.
If a business has several important business services, approved by the board and ready for pilot, then it is time to allocate and build a project team. Typically, the model is to bring in a project lead, an SME and a number of BA’s to assist with process mapping and workshop delivery.
With remote working prevalent in most businesses at the moment, the ability to lead workshops remotely and deliver process mapping online will be key to attacking the regulation quickly and effectively.
These approaches are the two most likely to help organisations at different stages. FourthLine is currently delivering both solutions to various end clients.
If your organization has a need to build or progress your Operational Resilience capability, please get in touch here to find out how we can help you with your resourcing.
For further insights on Operational Resilience, go to our Operational Resilience micro-site