What is operational resilience?

Operational resilience is the ability of a firm to prevent, adapt and respond to, and recover and learn from operational disruption.

Why is it important?

Disruptions to operations can have detrimental effects on firms, consumers and the financial market as a whole. The pandemic has shown why it is critically important for firms to understand the services they provide and invest in resilience.

The CBI guidance

The Central Bank of Ireland published Cross Industry Guidance on Operational Resilience in December 2021. The objective of this guidance is to communicate to the industry how to prepare for, respond to, recover from, and learn from an operational disruption that affects the delivery of critical or important business services.

The guidance aims to enhance operational resilience and recognize the interconnections and interdependencies within the financial system that result from the complex and dynamic environment in which firms operate.

The guidance is structured around three pillars: Identify and Prepare, Respond and Adapt, and Recover and Learn. It contains 15 guidelines, and the first step in becoming operationally resilient is accepting that disruptive events will occur and that these events will need to be managed effectively.

How can we help?

We are working with firms throughout this process, from reviewing work already completed to projects where we are starting from scratch.

If you are looking for highly qualified experts to help your business to be fully operationally resilient, contact us today for a free confidential consultation.