ORA Planning [3] Data Analysis

Detailed Steps for Data Analysis

When reviewing collected data, identifying gaps and vulnerabilities, and assessing compliance during an operational resilience audit, it is crucial to conduct a comprehensive analysis.

The following are detailed steps for this process:

1. Review Collected Data
2. Identify Critical Business Services and Dependencies
3. Assess Preparedness
4. Analyse Response and Recovery Plans
5. Evaluate Testing and Exercising
6. Review Governance Framework
7. Assess Compliance with Regulatory Requirements
8. Benchmark Against Industry Best Practices
9. Identify Gaps and Vulnerabilities
10. Document Findings
11. Prioritize Findings
12. Develop Recommendations
13. Validate Findings and Recommendations

Review Collected Data

• Examine all collected data thoroughly, including documentation, interview notes, incident reports, testing results, and quantitative data.
• Ensure that the data is complete, accurate, and reliable.

Identify Critical Business Services and Dependencies

• Identify and understand the organization's critical business functions and their dependencies.
• Review the business impact analysis and assess if critical functions have been correctly identified.
• Identify any gaps or inconsistencies in the understanding of dependencies and interdependencies.

Assess Preparedness

• Evaluate the organization's level of preparedness to withstand disruptions.
• Determine if each critical business service has documented and up-to-date response and recovery plans.
• Review the adequacy and effectiveness of these plans in addressing potential risks and operational disruptions.

Analyse Response and Recovery Plans

• Evaluate the response and recovery plans in place, considering their alignment with industry best practices and regulatory requirements.
• Assess if the plans address disruptions and clearly define roles, responsibilities, and communication protocols.
• Identify any gaps, ambiguities, or missing elements in the plans.

Evaluate Testing and Exercising

• Assess the organisation's testing and exercising mechanisms for operational resilience.
• Review the frequency, scope, and realism of the tests and exercises.
• Evaluate if the tests adequately cover the identified risks and vulnerabilities.
• Determine if lessons learned from testing exercises are effectively incorporated into the organisation's resilience practices.

Review Governance Framework

• Evaluate the governance framework and accountability structures related to operational resilience management.
• Assess if there is clear ownership and accountability for different aspects of resilience.
• Evaluate decision-making processes, escalation paths, and the involvement of senior management in resilience-related decisions.

Assess Compliance with Regulatory Requirements

• Review applicable regulatory requirements related to operational resilience. Evaluate if the organization's practices align with these requirements.
• Identify any gaps or non-compliance issues and note them as areas requiring improvement.

Benchmark against Industry Best Practices

• Compare the organization's practices with recognized industry best practices for operational resilience.
• Consider standards, guidelines, and frameworks such as Central Banks’ OR policies, ISO 22301, or industry-specific standards.
• Identify areas where the organisation falls short of these best practices and note them as improvement opportunities.

Identify Gaps and Vulnerabilities

• Identify gaps, vulnerabilities, and areas of concern within the operational resilience framework based on the review and analysis.
• Consider areas where the organization's practices do not meet regulatory requirements or industry best practices.
• Pay attention to potential single points of failure, dependencies on critical suppliers, or outdated procedures.

Document Findings

• Document all identified gaps, vulnerabilities, and non-compliance issues.
• Clearly articulate the root causes and provide supporting evidence from the collected data.
• Ensure that the findings are objective, specific, and actionable.

Prioritise Findings

• Prioritize the identified gaps and vulnerabilities based on their potential impact and likelihood.
• Consider the criticality of the affected functions, the severity of potential disruptions, and the organization's risk appetite.

• • This prioritisation will help focus efforts on addressing the most significant areas of concern first.

Develop Recommendations

• Based on the identified gaps and vulnerabilities, develop actionable recommendations to enhance operational resilience.
• Provide clear guidance on addressing the identified issues and improving the organization's practices.
• Ensure the recommendations are practical, feasible, and aligned with industry standards.

Validate Findings and Recommendations

• Validate the findings and recommendations with key stakeholders, including senior management and relevant subject matter experts.
• Incorporate their feedback and ensure the findings and recommendations accurately reflect the organization's operational resilience status.

By following these detailed steps, reviewing collected data during an operational resilience audit will result in a comprehensive assessment of the organization's resilience capabilities, identifying gaps and vulnerabilities, and compliance with regulatory requirements and industry best practices.

Operational Resilience Audit Planning Steps

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