February 9, 2022

Driving Value with Operational Resilience in a Post-Pandemic World

OPERATIONAL RESILIENCY
Organizations have maintained a steady rise in digitization over the years, which means that firms service sensitive data and mass consumers, like banks and other financial institutions are becoming increasingly reliant on networks, software, data and other elements that operate within cyberspace to deliver mission critical services.  Organizations are also increasing their reliance on third- and fourth-parties. While firms continue to look for ways to increase their competitiveness by pursuing digital transformation and outsourcing operations they also introduce new risks to the business. As seen throughout the global pandemic, many organizations rushed to digitize their operations so as to minimize the disruptions to users and adapt to the work from home movement.

While the digital transformation was critical, organizations did not have the opportunity to consider the potential risks that accompany a digital roll-out. While most services organizations and regulations focus on operational risk, it is important to plan in terms of resilience. Maturing your operational resilience program enables firms to move away from a reactive state to a more forward-thinking program. Firms should have a plan to anticipate and mitigate threats before they happen, rather than develop a response when a disruption materializes. A strong, efficient operational resilience program helps to identify potential impact to an organization’s critical operations and compiles actionable information and data to monitor and manage threats.

Why is operational resilience important?
Operational resilience plans are put in place to allow an organization the highest possible chance of resilience and recovery from operational disruptions. Such disruptions include pandemics, like COVID-19; natural disasters; cyber threats, such as hackers; and any other action that may disrupt core operations and/or compromise the organizations, or their customers’ data.

Thankfully, the evolution of technology has brought more than just startling news. While there are an increasing number of cyber threats to worry about, advances in technology have allowed organizations like ServiceNow to develop an arsenal of tools, workflows and systems that can compile metrics and instrument key operational elements within organizations to help them strengthen their resiliency

The shift in focus from prevention to response is due to the increasing and inevitable cybersecurity risks that come with a technologically advanced society.  Quick response times, then, become of utmost importance to organizations, and are an integral piece of the puzzle in any efficient operational resilience program. And in order to respond quickly, you need to know exactly what you’re responding to, why you’re responding to it, and how you can recover from it. As organizations strive to ensure resiliency of their operations through disruptions, they should also strive to continuously mature their operational resilience program to become a more resilient enterprise over time. The benefits of maturing your operational resilience program include:

  1. Improved reporting — it is important to explain risk and resilience to our business stakeholders in language that they understand. You can include business performance and status updates with risk, compliance and resilience information.
  2. Risk intelligence — Contextualize risk for business stakeholders so that they can make more informed decisions.
  3. Continuous monitoring — to drive real-time visibility into risk across the business.
  4. Automation — to drive more timely and informed decisions.

To minimize impact from future disruptions, an organization should strive to break down silos to ensure that the operational resilience program is embedded within all operations within the organization.

ServiceNow Operational Resilience Management embeds Risk & Resilience
into daily work by:

  1. Cross-leveraging common data
  2. Making Risk & Resilience a part of daily operations
  3. Continuously monitoring risks and controls
  4. Contextualizing risk for business stakeholders
  5. Brings it all to life through a variety of tools and automation

These tried and true principles are sure to strengthen your institution’s resiliency. Let NewRocket experts walk you through these steps, and more, in greater detail and find out how ServiceNow Operational Resilience Management can help your institution become more resilient.

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