QUESTION:  What is Operational Resilience?

After a crisis, operational resilience is there to help get an organisation back to cruising altitude.

At the moment resilience seems like a buzzword, given the circumstances. However, the fact it is being reviewed means it is now being taken more seriously, which is a good thing.

QUESTION: Who is accountable for Resilience?

This is an Executive Committee level subject and the Executive Committee is pushing the agenda to ensure the continued successful existence of the organisation.

The board has to be accountable and aware of potential crisis events. These types of scenarios may now occur more frequently due to the fact that we live in a globalised and ever more interconnected world.

Organisations will be held accountable for resilience and the battle of culture between business and support functions will continue. Leaders have to become conscious of how to balance and advocate between having strong control functions and how to develop a successful business.

QUESTION: What skill sets are in demand?

Although the CRO is the dedicated function for resilience, the whole organisation has to be involved when conceptualising crisis related matters. The risk culture across the whole firm needs to change, and everyone needs to take accountability for risk, to ensure that the firm’s overall for risk management is successful.

A new dimension of how risk management is defined has definitely emerged. To be successful, risk leaders will have to take many new angles and concepts into consideration.

QUESTION: What have you learnt from COVID-19?

COVID-19 has reminded us that organisations can change for the better and that business practices have to be reviewed and renewed to evolve.

INTERVIEW END

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Leathwaite recently executed a series of interviews with global heads of Risk to understand how organisations across all sectors have been implementing crisis plans.

Since lockdown began, organisations across all sectors have been implementing crisis plans. We were keen to understand what financial services firms globally had put in place over the last year; since regulators, particularly in the UK, began to make stipulations around process mapping, understanding of impact tolerances and running increased scenario testing.

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