Operational Resilience

[OR] [P3-S5] [1-5] Prepare IQR: Communication And Agreement

Written by Moh Heng Goh | Sep 17, 2024 3:38:35 PM

[1-5] Communication and Agreement for IQR

Effective communication and agreement between your organization and the independent reviewer are essential for a successful IQR.

Clear communication channels, mutual understanding, and collaboration will ensure the review process runs smoothly and delivers valuable insights.

Key considerations for establishing effective communication include defining the scope of the review, agreeing on timelines and deliverables, providing access to necessary information, and maintaining regular communication throughout the process.

By ensuring that both parties are on the same page, you can avoid misunderstandings and ensure that the IQR meets your organization's expectations.

Purpose

Effective communication and agreement between your organization and the independent reviewer are essential for a successful IQR.

Clear communication and mutual understanding will ensure the review is conducted efficiently and effectively.

Key Considerations

  • Clear Communication: Establish clear communication channels and expectations with the reviewer. This includes:
    • Defining the scope of the review
    • Agreeing on timelines and deliverables
    • Establishing a process for providing feedback and addressing questions

  • Mutual Agreement: Ensure that both your organization and the reviewer are in agreement on the terms of the engagement, including:
    • The scope of the review
    • The expected deliverables
    • The timeline and budget
    • Confidentiality requirements

  • Access to Information: Grant the reviewer access to the necessary information and resources to conduct the review. This may include data, documents, and interviews with key stakeholders.

  • Feedback and Collaboration: Establish a process for providing feedback to the reviewer and collaborating throughout the review process. This will help ensure that the review is aligned with your organization's objectives and that any questions or concerns are addressed promptly.

Additional Tips

  • Maintain Regular Communication: Schedule regular meetings or communication channels to keep the reviewer updated on progress and address any questions or concerns.

  • Be Responsive: Respond promptly to the reviewer's requests for information or clarification.

  • Provide Support: Offer any necessary support or assistance to the reviewer, such as access to resources or introductions to key personnel.

By establishing effective communication and agreement with the independent reviewer, you can ensure a smooth and productive IQR process that delivers 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.

If you have any questions, click to contact us.

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