[ORA] Challenges Faced by Auditors and Reviewers when Conducting an Operational Resilience Audit

Auditors face several challenges when conducting operational resilience audits due to the complex nature of assessing an organisation's ability to withstand disruptions and maintain continuity.

Some of the key challenges include:

[1] Scope Definition

• Determining the scope of the audit can be challenging due to the interconnectedness of various business functions and systems. 
• Identifying critical processes and dependencies accurately requires a deep understanding of the organisation.

[2] Dynamic Risk Landscape

• The evolving nature of risks poses a challenge. 
• Reviewing new and unforeseen threats, such as cyberattacks, regulatory changes, or global crises, constantly emerges, making it challenging to adequately anticipate and prepare for all potential disruptions.

[3] Interdependencies and Supply Chain Risks

• Reminding the need for auditors to assess internal systems and their interconnectedness with external vendors, suppliers, and partners. 
• Examining the dependencies on third parties can introduce vulnerabilities that might not be immediately apparent within the organisation.

[4] Data and Information Management

• Gathering and analysing data related to risks, business impact, and response plans can be complex.
• Requiring the auditors to access accurate and updated information from various departments, which may only sometimes be readily available or easily integrated.

[5] Complexity of Business Processes

• Understanding that organisations often have intricate and multifaceted business processes. 
• Understanding these complexities and identifying critical business services within the operational landscape can be challenging.

[6] Measuring Resilience Effectively

• Assessing operational resilience isn’t straightforward.
• Determining the effectiveness of response and recovery strategies or quantifying resilience in measurable terms can be difficult.

[7] Resource Constraints

• Conducting thorough audits requires time, expertise, and resources.
• Becoming aware that the limited resources, both in terms of personnel and tools, can hinder the depth and breadth of the audit process.

[8] Regulatory Compliance

• Meeting regulatory standards and compliance requirements adds another layer of complexity. 
• Assuring that auditors must ensure the organisation maintains resilience and adheres to legal and industry-specific regulations.

Summing Up ...

Addressing these challenges often requires a multidisciplinary approach involving collaboration across various departments, access to updated information, leveraging technological solutions for data analysis, and continuous adaptation to emerging threats.

Flexibility and agility in audit methodologies are crucial to effectively assess and enhance an organisation's operational resilience.

Find out more about Blended Learning ORA-5000 [ORA-5] & ORA-300 [ORA-3]