These are the related concepts supporting operational resilience that require further elaboration. Related concepts are often treated as similar.
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| Operational Resilience Vs Related Concepts | ||||||
| OR Vs Cyber Resilience | OR Vs Third-party Risk Management | |||||
Operational risk management is a core element of Operational resilience (OR). Implementing effective operational risk management practices contributes to building a more resilient organization.
However, OR goes beyond risk management by encompassing broader proactive and adaptive strategies to ensure business continuity during disruptions.
OR and cyber resilience are two sides of the same coin regarding organisational stability. While they may seem interchangeable, they address challenges with slightly different focuses. OR takes a broader view, ensuring critical business services can be delivered despite disruptions from any source, natural disasters, power outages, or human error. Cyber resilience, on the other hand, tackles explicitly threats posed by the digital landscape, focusing on withstanding, adapting to, and recovering from cyberattacks and data breaches.
While both aim for organisational stability, business continuity management and OR differ. Business continuity plans for specific disruptions, focusing on reactive recovery of critical functions.
On the other hand, operational resilience is proactive, building adaptability into daily operations to withstand any disruption and bounce back quickly. They are complementary, with BC plans forming the backbone of resilience but with resilience requiring a broader, ongoing process of building adaptive capacity.
Third-party risk management (TPRM) is one of the four pillars supporting OR and organisational stability, but it tackles challenges from distinct perspectives.
OR takes a holistic approach, ensuring critical business services can be delivered despite any disruption, internal failures, natural disasters, or human error.
TPRM, on the other hand, focuses specifically on managing risks associated with external vendors, suppliers, and other third parties. While OR addresses a broader range of threats, TPRM plays a vital role within that framework by mitigating risks that could stem from external dependencies.
Another term that rises to the content is Organisational resilience.
Building operational resilience provides a strong foundation for adapting to a broader range of changes and thriving in uncertain environments.
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.
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