[OR] [P3-S5] [1-3] Prepare IQR: Review Criteria

[1-3] Developing Review Criteria for IQR

Developing clear and measurable review criteria is essential for a successful IQR. These criteria will guide the reviewer in assessing your organization's operational resilience program and identifying areas for improvement.

Key considerations for developing review criteria include alignment with organizational objectives, relevance to your specific industry and regulatory requirements, measurability, objectivity, and comprehensiveness. By carefully selecting criteria that address all critical aspects of your operational resilience program, you can ensure that the IQR provides a thorough and objective assessment.

Purpose

Clear and measurable review criteria are essential for a successful IQR. These criteria will guide the reviewer in assessing your organization's operational resilience program and identifying areas for improvement.

Key Considerations

Alignment with Organizational Objectives: Ensure the review criteria align with your organization's overall OR strategy and objectives.
Relevance: Select criteria relevant to your specific industry, regulatory requirements, and the scope of the IQR.
Measurability: Choose criteria that can be quantified or measured to provide tangible evidence of performance.
Objectivity: Avoid criteria that are subjective or difficult to interpret.
Completeness: Ensure that the criteria cover all key aspects of your operational resilience program, including risk management, business continuity planning, incident response, and technology resilience.

Potential Review Criteria

OR Strategy and Governance
- Alignment of the OR strategy with organizational objectives
- Effectiveness of governance structures
- Clarity of roles and responsibilities
Risk Management
- Adequacy of risk identification, assessment, and mitigation practices
- Effectiveness of risk management framework
- Compliance with regulatory requirements
Business Continuity Planning
- Completeness and comprehensiveness of BCPs and DRPs
- Regularity of testing and updating plans
- Effectiveness of incident response procedures
Technology Resilience
- Security posture of IT infrastructure and systems
- Data backup and recovery capabilities
- Business continuity planning for IT systems
Employee Awareness and Preparedness
- Level of employee understanding and preparedness for OR-related activities
- Participation in training and exercises
Regulatory Compliance
- Adherence to relevant industry regulations and standards
- Effectiveness of compliance monitoring and reporting
Continuous Improvement
- Evidence of a culture of continuous improvement
- Implementation of lessons learned from past incidents or exercises

By carefully developing review criteria, you can ensure that the IQR provides a thorough and objective assessment of your organization's operational resilience program, identifying areas for improvement and supporting your ongoing efforts to enhance 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.