A gap analysis is called a needs analysis, needs assessment or need-gap analysis.
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.
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.
A clear understanding of the scope and objectives of the gap analysis.
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.
A list of relevant standards and regulations.
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.
A list of potential threats and vulnerabilities to the organisation's operations.
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.
A list of gaps between the current state of the organisation's operational resilience and the desired state.
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.
An action plan for improving the organisation's operational resilience.
| 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 |
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| 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 |
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| Possible Solutions | lists all the possible solutions that can be implemented to fill the gap between the current and future states |
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| 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. |
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| Assess Capability and Maturity | Analyse Gap | Develop Strategy and Roadmap | Confirm Risk Appetite | Develop and Embed Governance | |
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