[MTE Executive Summary] Business Continuity and Resilience: Future and Challenges for Professionals and Organizations

Business Continuity and Resilience: Future and Challenges for Professionals and Organizations

Synopsis of Presentation

This session is the traditional start of BCM Instittue's practice to "crystal ball" what is happening and to be expected for the next 18 to 24 months.

Dr. Goh discusses the new and changing landscape of business continuity (BC) and its alignment towards resilience and covers the reskilling and upskilling of BCM professionals to meet the new challenges during the new normal and post-COVID with an additional topic on how to reorganize your BC program and initiative towards a more comprehensive and holistic approach post-COVID.

Dr Goh started the session by discussing the impact of COVID-19 on Business Continuity (BC). The pandemic has shown that traditional BC approaches are no longer sufficient. Businesses need to adopt a more holistic approach that focuses on resilience. He then discusses the skills and knowledge that BCM professionals need to develop to meet the challenges of the new normal. Finally, a sharing session to guide how to reorganize your BC program and initiative to be more comprehensive and holistic.

This is a summary of the presentation by Dr Goh Moh Heng, President, BCM Institute, at the Meet-the-Expert Webinar on 12 January 2023.

Meet-the-Expert Webinar 12 January 2023

The presentation's theme is "Business Continuity and Resilience: Future and Challenges for Professionals and Organizations."

Adapting to the Changing Landscape of Business Continuity and Resilience

Dr. Goh shares key insights on the evolving business continuity landscape and operational resilience. The seminar began by addressing questions and development about what lies ahead in the future of business continuity and resilience.  It is the "crystalballing" of what is happening and what BCM professionals should look for.

As it is post-COVID-19, there is a need to establish a critical distinction between remote working and working from home, emphasising that the former entails a more complex setup that necessitates robust security measures and access controls.  The recommendation is to maintain some capability as it is suitable for a continuous operating environment and good employee morale.

Be Prepared for Cyberattacks

One of the paramount priorities emphasised in the seminar was the imminent threat of cyber-attacks. Business Continuity and Resilience professionals were urged to proactively prepare for cyber resilience, acknowledging that cyber-attacks are set to take the top spot on the threat radar. Collaboration between BCM and IT teams was vital for effectively responding to cyber incidents. Moreover, the potential for ransomware attacks was highlighted, urging professionals to conduct tabletop exercises to devise response strategies.

Future Operational Disruptions

The speaker also underscored the persistent impact of COVID-19 and the likelihood of future disruptions, prompting the need for organisations to remain agile and adaptable. The Ukraine war was cited as a source of potential supply chain disruptions, underlining the importance of diversification and adaptability in the face of global events.

Engage Senior Management

As the business continuity and resilience landscape evolves, reskilling and upskilling are crucial for professionals to stay ahead, engage with senior management, and prioritise critical business services and operational resilience. The article aims to equip BCM professionals with practical knowledge and strategies to navigate the dynamic challenges of business continuity and resilience effectively.

Navigating the Complex Landscape of Business Continuity and Resilience

Engaging Senior Management

One of the primary challenges in business continuity and resilience is engaging and educating senior management. To bridge this gap, professionals should seek a champion within the organisation who holds a senior position and believes in the importance of BCM.

This advocate can represent the BCM perspective at the senior management committee level and champion the cause. Senior management can be engaged in a 15-to 20-minute session focusing on real-world scenarios and their potential impacts. This approach raises awareness and invites senior leaders to think about BCM in practical terms.

The presenter emphasises the shift from the concept of "critical business functions" to "critical business services" or "important business services" in operational resilience. The significance of this shift lies in recognising that not all business functions are critical, and the focus should be on those services that are vital for operations.

Additionally, the traditional metrics of Recovery Time Objectives (RTO) and Maximum Tolerable Period of Disruption (MTPD) may need adjustment based on the lessons learned during the COVID-19 pandemic. Organisations should reevaluate and align these metrics to reflect the time required for recovery.

The speaker encourages IT professionals to collaborate closely with business users and understand their Business Impact Analysis (BIA) data. This collaboration fosters a deeper understanding of the critical services and ensures alignment between IT and business objectives.

Moreover, the concept of resiliency is introduced, likening it to a scenario where a car encounters a bump on the road but continues to move forward, albeit at a slower pace. This analogy underscores the idea that systems may experience disruptions but can still operate, albeit with reduced efficiency. Finally, the article urges IT professionals to pay close attention to service-level agreements with vendors, as reliability can vary based on the terms of these agreements, emphasising the need for vigilance in service-provider relationships.

Evolution of Operational Resilience

The speaker emphasises the importance of operational resilience and distinguishes it from the traditional notion of business continuity management. Operational resilience maintains functionality despite disruptions rather than reacting passively.

He emphasises that this perspective is crucial in today's dynamic environment, which includes challenges like resignations, quarantine, and supply chain risks. The presentation also touches on the need to differentiate between crisis management and business continuity, focusing on strategic decision-making by management and the importance of allowing technical experts to handle operational aspects.

Continuous Learning

The presenter underlines the significance of learning from past experiences, mainly during prolonged pandemics like the one experienced over the last few years. It encourages businesses to conduct thorough debriefs to identify lessons learned and opportunities for system improvements while the experiences are still fresh.

The speaker also addresses the question of planning for future pandemics, suggesting that businesses should prepare by analysing potential scenarios and focusing on impact mitigation, especially in critical installations. It acknowledges that perfect planning for every scenario is impossible. Still, businesses should prioritise critical elements to ensure resilience in the face of disruptions, such as remote work capabilities and the ability to adapt to changing conditions quickly. The speaker emphasises the importance of proactive operational resilience planning and continuous improvement in an ever-changing business landscape.

Re-skill and Up-skill

The speaker addresses the importance of adapting and upskilling in business continuity management (BCM) in response to evolving challenges, especially in the ongoing pandemic. The speaker highlights questions and concerns raised by BCM professionals about adjusting to the changing landscape. It stresses the need for continuous learning and emphasises that BCM professionals should be prepared to rescale their skill sets to perform their roles effectively.

The presenter suggests that BCM professionals may find their responsibilities expanding beyond traditional BCM roles. They may need to take on operational risk management, health and safety, and security tasks, even if these responsibilities were not originally part of their job descriptions. The article underscores the importance of embracing these additional skills and responsibilities, including understanding the intersection of BCM with IT operations and crisis communication.

Furthermore, the presenter encourages BCM professionals to actively engage with other specialists and collaborate across functions to ensure a holistic approach to resilience and crisis management. It emphasises that BCM professionals should not limit themselves to their specific job titles but should be adaptable and versatile in responding to diverse challenges, such as cyber threats and disaster management. In conclusion, the article advocates for continuous learning, adaptability, and collaboration as key strategies for building and enhancing business continuity and resilience in today's dynamic environment.

Future and Challenges for BCM Professionals and Organizations

Next, the speaker emphasises the importance of active learning and practical implementation in professional development. The article underscores the idea that attending a session should result in tangible takeaways and actionable insights. It encourages professionals to reflect on what they've learned and how they can apply it, considering this a key performance indicator and return on investment for their time.

Uptake of Operational Resilience in Asia

Dr Goh shared the upcoming developments in operational resilience, focusing on standards issued by central banks in Hong Kong and Singapore. Japan, Malaysia, Indonesia, and the Philippines are expected to commence, too. This highlights the evolving nature of business continuity and the need for professionals to adapt and stay informed about regulatory changes in their regions.

Dr Goh stresses the long-term relevance of business continuity management (BCM) roles and how professionals can increase their value within organisations by excelling during crises and continuously upgrading their skills. It encourages feedback and participation in future sessions, noting that BCM will remain vital to organisational risk management regardless of industry trends.

Challenges BCM Professionals Will be Facing

The seminar also addresses several key points and challenges BCM professionals face. Firstly, the article emphasises the importance of continuous learning and adaptation. It encourages BCM professionals to actively reflect on what they've learned and implement it in their organisations, underlining the need for practical application and a strong return on investment for their professional development.

Secondly, the speaker delves into the evolving landscape of BCM, touching upon emerging trends and challenges. It highlights the potential risks, such as cyberattacks, natural disasters like floods, and the impact of global warming. The article stresses the importance of constant monitoring and preparedness to address these evolving risks, emphasising the need for environmental scanning and proactive risk management.

Lastly, Dr Goh discusses significant challenges BCM professionals face, particularly the need to break down silos within organisations. It points out that BCM professionals must effectively expand their roles to coordinate with health and safety, security, and facilities management teams.

Furthermore, Dr. Goh mentions the potential finger-pointing by management during crises, even if the issue is beyond the BCM professional's control. It emphasises the importance of preparing for such situations and engaging with various stakeholders to ensure business continuity in a rapidly changing environment.

Dr Goh Moh Heng presented and recorded the session.

More Information About BCM Blended/ Hybrid Learning

They are the BL-B-3 Blended/ Hybrid Learning BCM-300 Business Continuity Management  Implementer and the BL-B-5 Blended/ Hybrid Learning BCM-5000 Business Continuity Management Expert Implementer.

 

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