[OR] [P3-S4] [3-3] Conduct Reporting & Action Planning: Develop an Action Plan

[3-3] Developing Action Plans

Once you've identified areas for improvement through your self-assessment, the next step is to develop specific action plans to address these weaknesses and capitalize on opportunities. These action plans should be aligned with your overall operational resilience strategy and objectives.

Key considerations for developing action plans include prioritization, setting SMART objectives, assigning responsibilities, identifying resources, establishing timelines, and developing mechanisms for monitoring and evaluation.

By carefully considering these factors, you can continuously create effective action plans to improve your organization's operational resilience.

The developed action plans should be documented, shared with relevant stakeholders, and regularly reviewed and updated to ensure they remain relevant and practical. Implementing these action plans will require commitment, collaboration, and effective resource allocation.

By proactively implementing recommended improvements, you can enhance your organization's resilience posture and achieve your operational resilience goals.

Purpose

Once you've identified areas for improvement through your self-assessment, the next step is to develop specific action plans to address these weaknesses and capitalize on opportunities.

These action plans should be aligned with your overall operational resilience strategy and objectives.

Key Considerations

Prioritization: Prioritize action plans based on the potential impact on your organization's resilience, the feasibility of implementation, and the alignment with your strategic goals.
SMART Objectives: Ensure your action plans are SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) to provide a clear focus and direction.
Responsibility: Assign clear responsibilities for each action plan to ensure accountability.
Resources: Identify the necessary resources (e.g., budget, personnel, technology) to support the implementation of action plans.
Timeline: Establish realistic timelines for completing each action plan.
Monitoring and Evaluation: Develop mechanisms to track progress and measure the effectiveness of implemented actions.

Action Plan Template

Action Item: A clear and concise statement of what needs to be done.
Owner: The individual or team responsible for implementing the action.
Deadline: A specific target date for completion.
Resources: The necessary budget, personnel, or technology required.
Metrics: Key performance indicators (KPIs) to measure progress and success.
Dependencies: Any other actions or initiatives that must be completed before this action can be implemented.

Additional Tips

Involve Stakeholders: Ensure that stakeholders from relevant departments are involved in developing and implementing action plans.
Flexibility: Be prepared to adjust action plans as circumstances change or new information becomes available.
Continuous Monitoring: Regularly review and update action plans to ensure they remain relevant and effective.
Celebrate Success: Recognize and reward progress made in implementing action plans to maintain momentum and motivation.

By developing comprehensive action plans, you can effectively address the areas for improvement identified in your self-assessment and drive continuous improvement in your organization's operational resilience.

Additional Explanatory Note

Definition	Explanation	Definition
Self-Assessment	is to capture and document the steps taken towards operational resilience. is to provide a comprehensive and objective evaluation of the organisation's strategy and ability to respond to disruptions.
Self-Assessment Document	is to demonstrate the organisation’s resilience journey and how they have achieved compliance with the regulations.
Important Business Service	is a service provided by an organisation, or by another person on behalf of the organisation, to one or more clients which, if disrupted, could: cause intolerable harm to any one or more of the organisation’s clients, or pose a risk to the soundness, stability or resilience of the financial system or the orderly operation of the financial markets.
Critical Business Service	is a business service that, if disrupted, is likely to significantly impact the FSI’s safety and soundness, its customers or other FSI that depend on the business service.
Critical Operations	is defined as a business output that, if interrupted during the operational period, will cause financial loss, damage, or interruption to the delivery of goods or services essential to the organization’s continued operation or success.

"Sustain" Phase of the OR Roadmap

Introduce Culture Change	Develop Communication Strategy	Implement Training and Awareness	Provide Self-assessment	Conduct Independent Quality Review

More Information About Operational Resilience OR-5000 [BL-OR-5] or OR-300 [BL-OR-3] Course

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.