Operational Resilience

[OR] [P3-S5] [1-2] Prepare IQR: Reviewer Selection

Written by Moh Heng Goh | Sep 17, 2024 3:25:22 PM

[1-2] Selecting the Right Reviewer for IQR

A key feature of managing operational resilience is the responsibility of the business service owner to produce an annual Self-Assessment report. 

The organisation must submit the Self-Assessment document to demonstrate its resilience and compliance with the regulations.

Purpose

Choosing a qualified and independent reviewer is essential for the success of the IQR.

The reviewer should have the expertise and objectivity to provide a thorough and unbiased assessment of your organization's operational resilience program.

Key Considerations

  • Independence: To ensure objectivity, the reviewer should be independent of your organization. This could be an external consultant, auditor, or expert from a different organization.

  • Expertise: The reviewer should have a deep understanding of operational resilience principles, best practices, and relevant industry standards and experience conducting similar reviews.

  • Objectivity: The reviewer should be free from any conflicts of interest that could compromise their objectivity.

  • Credibility: The reviewer should have a strong reputation and be recognized as an expert in their field.

  • Availability: Ensure that the reviewer is available to conduct the review within the desired timeframe.

Additional Tips

  • Reference Checks: Conduct reference checks to verify the reviewer's qualifications and experience.

  • Interview Potential Reviewers: Interview potential reviewers to assess their suitability and ensure they understand the scope and objectives of the IQR.

  • Consider Cost: Evaluate the cost of hiring an external reviewer and ensure it aligns with your budget.

  • Leverage Professional Networks: Utilize professional networks and industry associations to identify potential reviewers.

By carefully selecting a qualified and independent reviewer, you can ensure that the IQR process is conducted effectively and provides valuable insights for enhancing 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.

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