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

What is Gap Analysis?

A gap analysis is a method of assessing the performance of a business unit 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 report, 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 performing a gap analysis is to define the scope and objectives of the analysis. This involves determining what aspects of the organization'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 identifying relevant standards and regulations the organization must comply with.

This includes regulations specific to the organization's industry and general standards such as Basel, operational resilience banking regulations, ISO 22301, ISO 27001. This step is crucial as it ensures that the organization'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 organization's operations. This involves identifying potential disruptive events, assessing the likelihood and impact of those events, and identifying any existing controls that mitigate those risks. This step is vital as it helps to identify areas where the organization's operational resilience may be at risk.

Outcome: A list of potential threats and vulnerabilities to the organization's operations.

Perform a Gap Analysis

The next step is performing a gap analysis to identify gaps between the organization's current operational resilience and the desired state. This involves comparing the risk assessment results to the organization's current policies, procedures, and controls to identify areas where improvements are needed.

This step is crucial as it helps to identify specific areas where the organization's operational resilience needs to be strengthened.

Outcome: A list of gaps between the current state of the organization'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 organization's operational resilience, assigning responsibility for each initiative, and setting timelines and milestones for completion.

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

Outcome: An action plan for improving the organization'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 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.