As part of our ‘embedding resilience’ series, Baringa’s Alex Fitter looks at how financial services providers should approach the complex task of mapping the resources that underpin critical services and organisational resilience.
A critical step on the road to embedding an effective operational resilience framework is the process of resource-mapping. Once an organisation has identified those ‘important business services’ that, if disrupted, could pose a risk to its ‘safety and soundness or financial stability’, they must then build a clear picture of the resources these services depend on.
This will include how those assets relate to one another, in the context of key risks and controls. Only once this is achieved is it possible to understand where vulnerabilities lie so that resources can be managed in a way that ensures any impact on important business services stays within an acceptable tolerance level.
The scale and complexity of this challenge can hardly be exaggerated, but with some clear, organisation-wide planning upfront, it need not be overwhelming.