[OR] [BOK] [15] [P3] [S5] Conduct Independent Quality Review

Element

Description

Purpose

• To ensure the Operational Resilience (OR) program is independently evaluated against regulatory expectations, industry standards, and internal requirements.
• This assures stakeholders that the OR framework, practices, and outcomes are effective, consistent, and continuously improved.

• Validate the adequacy, completeness, and effectiveness of the OR program.
• Provide independent assurance to senior management and the board on resilience capabilities.
• Identify gaps, deficiencies, or weaknesses in governance, processes, and controls.
• Benchmark against regulatory requirements (e.g., ISO 22316, supervisory guidelines).
• Recommend improvements for continuous resilience strengthening.

Inputs

• OR policies, governance framework, and program documentation.
• Results of self-assessments and internal reviews.
• Testing, exercising, and incident post-mortem reports.
• Regulatory guidelines and supervisory requirements.
• Industry best practices and audit frameworks.

Activities

• Engage independent reviewers (internal audit, external auditors, or third-party consultants).
• Define scope, methodology, and criteria for the assurance review.
• Assess alignment of OR objectives with regulatory requirements and business strategy.
• Review governance, roles, and accountability mechanisms.
• Evaluate the robustness of testing, exercising, and lessons learned integration.
• Conduct interviews, evidence gathering, and documentation review.
• Issue findings, observations, and recommendations.
• Present assurance results to the board, senior management, and regulators where required.

Outputs

• Independent assurance report (audit or external review).
• List of gaps, deficiencies, and non-conformities.
• Recommendations and improvement roadmap.
• Management action plan to address findings.
• Assurance of alignment with regulatory and industry standards.

Linkages

• P3-S1: Embed Governance and Oversight (assurance reinforces governance structures).
• P3-S2: Continuous Monitoring and Reporting (provides evidence base for review).
• P3-S3: Enhance Staff Competency and Culture (review identifies training or cultural gaps).
• P3-S4: Improve and Communicate Lessons Learned (assurance ensures lessons are implemented effectively).
• P1-S1 to P2-S5: Provides feedback loop to all phases to strengthen planning, implementation, and sustainment.