Key Definitions for Operational Resilience

Key Definitions for Operational Resilience

You should know these vital definitions when embarking on your operational resilience learning journey.  Currently, there are several sources of implementation and, hence, their difference in the naming of the terminology.

For a more detailed definition, you may find them on BCM Institute's Wikipedia called BCMPedia for Operational Resilience (click the BCMPedia icon to access the glossary).

Operational Resilience is the capability to absorb a shock to operations, incrementally change to disruptive events, and then rebound to a level of operations acceptable to management, employees, and stakeholders.

A Severe but Plausible Scenario is when the event's nature, scale, or scope goes beyond pre-defined recovery measures and supporting assumptions.

Business Service is a service that an organization provides to an external end-user. Business services deliver a specific outcome or service to an identifiable user and should be distinguished from business lines or functions, which are a collection of services and activities.

Critical or Important Business Service is a service provided by an organization to an external end-user or market participant where disruption to the provision of the service could cause material customer detriment, harm market integrity, compromise policyholder protection, or threaten an organisation's viability, and safety and soundness, or financial stability.

Impact Tolerance determines the maximum acceptable level of disruption to a critical or important business service.

Mapping is identifying, documenting and understanding the activities involved in delivering critical or important business services.

This incorporates the identification of all interdependencies and interconnections, including people, processes, information, technology, facilities, and third-party service providers.

Scenario Testing assesses an organization's ability to remain within its impact tolerance for each of its critical or important business services in the event of a severe but plausible disruption of its operations.

An Outsourced Service Provider is a third-party entity undertaking an outsourced process, service or activity, or parts thereof under an outsourcing arrangement. This refers to external third-party and intra/inter-group service providers.

This is just a sample of the definition that you can view.  Do speak to the author if you have any other terms to be included.

To learn more about the course and schedule, click the buttons below for the OR-3 Blended Learning OR-300 Operational Resilience Implementer course and the OR-5 Blended Learning OR-5000 Operational Resilience Expert Implementer course.