[OR] [P3-S5] [1-1] Prepare IQR: Scope Determination

[1-1] Defining the Scope of IQR

The scope of the IQR is a crucial factor in determining the effectiveness and efficiency of the review process.

A well-defined scope ensures that the review focuses on the most relevant areas, avoids unnecessary breadth, and provides valuable insights for enhancing operational resilience.

When defining the scope, consider factors such as alignment with organizational objectives, regulatory requirements, materiality, resource constraints, and previous review experiences.

By carefully evaluating these factors, you can tailor the scope to your specific needs and ensure that the review provides the most valuable insights for your organization.

Purpose

The scope of the IQR should be carefully defined to ensure that the review is focused, efficient, and provides valuable insights.

A well-defined scope will help guide the review process, ensure that all critical areas are evaluated, and prevent the review from becoming overly broad or time-consuming.

Key Considerations

Alignment with Organizational Objectives: The scope of the IQR should align with your organization's overall operational resilience objectives and strategy.
Regulatory Requirements: Consider any relevant regulatory requirements or industry best practices that may influence the scope of the review.
Materiality: Focus on areas that are most material to your organization's resilience, such as critical business services, risk management practices, or incident response capabilities.
Resource Constraints: When determining the scope, consider the available resources (time, budget, personnel). If resources are limited, a narrower scope may be more feasible.
Previous Reviews: If your organization has conducted previous IQRs, consider the scope of those reviews and identify any areas that may require additional focus.

Potential Scope Areas

Risk Management: Effectiveness of risk identification, assessment, and mitigation strategies.
Business Continuity Planning: Adequacy and effectiveness of BC and DR Plans.
Incident Response: Efficiency and effectiveness of incident response procedures.
Technology Resilience: Security, reliability, and availability of IT infrastructure and systems.
Employee Awareness and Preparedness: Employee understanding and preparedness for OR-related activities.
Regulatory Compliance: Adherence to relevant industry regulations and standards.
Continuous Improvement: Effectiveness of processes for identifying and addressing areas for improvement.

By carefully defining the scope of the IQR, you can ensure that the review is focused, efficient, and provides valuable insights into 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.