[OR] [P1] [S2] Analyse Gap in Operational Resilience

What is Gap Analysis?

A gap analysis is a method for assessing a business unit's performance to determine whether operational resilience requirements or objectives are being met and, if not, what steps should be taken to meet them.

 A gap analysis is called a needs analysis, needs assessment or need-gap analysis. 

How to Conduct a Gap Analysis for Operational Resilience?

A gap analysis can be used to compare the current state to the desired state and to identify any gaps that need to be addressed.

In this chapter, we will discuss the detailed steps for performing a gap analysis to start the operational resilience program and the outcomes of each step.

Define Scope and Objectives

The first step in conducting a gap analysis is to define its scope and objectives. This involves determining what aspects of the organisation's operations will be assessed and what the desired outcomes of the analysis are. This step is critical as it sets the foundation for the rest of the analysis.

Outcome

A clear understanding of the scope and objectives of the gap analysis.

Identify Relevant Standards and Regulations

The next step is to identify the relevant standards and regulations the organisation must comply with.

This includes regulations specific to the organisation's industry and general standards such as Basel, operational resilience banking regulations, ISO 22301, and ISO 27001.

This step is crucial as it ensures that the organisation's operational resilience program complies with relevant standards and regulations.

Outcome

A list of relevant standards and regulations.

Conduct Risk Assessment

The next step is to conduct a risk assessment to identify potential threats and vulnerabilities to the organisation's operations.

This involves identifying potential disruptive events, assessing their likelihood and impact, and identifying existing controls that mitigate those risks.

This step is vital as it helps to identify areas where the organisation's operational resilience may be at risk.

Outcome

A list of potential threats and vulnerabilities to the organisation's operations.

Perform a Gap Analysis

The next step is performing a gap analysis to identify gaps between the organisation's current operational resilience and the desired state.

This involves comparing the risk assessment results with the organisation's current policies, procedures, and controls to identify areas for improvement.

This step is crucial, as it helps identify specific areas where the organisation's operational resilience needs strengthening.

Outcome

A list of gaps between the current state of the organisation's operational resilience and the desired state.

Develop an Action Plan

The final step is to develop an action plan to address the gaps identified in the gap analysis.

This involves developing specific initiatives to improve the organisation's operational resilience, assigning responsibility for each initiative, and setting timelines and milestones for completion.

This step is crucial as it ensures the organisation has a clear roadmap for improving its operational resilience.

Outcome

An action plan for improving the organisation's operational resilience.

Additional Explanatory Note 

	Definition	Explanation	Definition
	Gap Analysis	is to conduct a detailed examination to identify risks associated with the differences between Business/Operations requirements and the currently available recovery capabilities Click the icon on the right to read more about the steps to perform gap analysis
		Gap Analysis Template
	Current State	lists the processes, workflows and characteristics an organization seeks to improve, using factual and specific terms.
	Future State	outlines the target condition the organisation wants to achieve.
	Description of the Gap	outlines what constitutes the gap and the root causes that contribute to it. Lists all gaps and alignment required to meet regulatory expectations
	Possible Solutions	lists all the possible solutions that can be implemented to fill the gap between the current and future states
	Performing Gap Analysis	These are the detailed steps to assess the current state of the organization's operational resilience and identify any gaps or areas for improvement.

"Plan" Phase of the OR Roadmap

Assess Capability and Maturity	Analyse Gap	Develop Strategy and Roadmap	Confirm Risk Appetite	Develop and Embed Governance

More Information About Blended Learning OR-5000 [BL-OR-5] or OR-300 [BL-OR-3]

Contact our course consultant colleagues to learn more about our blended learning program and to find out when the next course is scheduled.  They are the BL-OR-3 Blended Learning OR-300 Operational Resilience Implementer and the BL-OR-5 Blended Learning OR-5000 Operational Resilience Expert Implementer.

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