Operational Resilience

[OR] [P3-S5] [2-3] Conduct IQR: Data Analysis

Written by Moh Heng Goh | Sep 17, 2024 3:47:24 PM

[2-3] Data Analysis for IQR

Data analysis is a crucial step in the IQR process. It provides valuable insights into your organization's operational resilience program.

By effectively analyzing the collected data, you can identify strengths, weaknesses, and areas for improvement.

Key considerations for data analysis include ensuring data quality, selecting appropriate techniques, effectively visualizing findings, benchmarking against industry standards, and conducting correlation analysis.

By carefully analyzing the data, you can extract meaningful insights, identify trends and patterns, and support your conclusions with evidence.

Purpose

Data analysis is a critical component of the IQR process, as it allows you to extract meaningful insights from the collected data and identify areas for improvement in your organization's operational resilience program.

Key Considerations

  • Data Quality: Ensure the data collected is accurate, reliable, and representative of your organization's operations.

  • Data Analysis Techniques: Select appropriate data analysis techniques based on the type of data collected and the specific questions you want to answer. This may include:
    • Descriptive statistics (e.g., mean, median, mode)
    • Comparative analysis
    • Trend analysis
    • Root cause analysis
    • Benchmarking

  • Data Visualization: Use data visualization tools to present findings in a clear and understandable manner. This can help identify patterns, trends, and areas for improvement.

  • Benchmarking: Compare your organization's performance against industry benchmarks or best practices to identify areas for improvement.

  • Correlation Analysis: Analyze the relationship between different variables to identify potential causal factors.

Additional Tips

  • Involve Experts: If necessary, consult with data analysts or experts to assist with data analysis and interpretation.

  • Document Findings: Clearly document the findings from your data analysis, including key insights, trends, and recommendations.

  • Use Data to Support Conclusions: Use data to support your conclusions and recommendations, making your findings more credible and persuasive.

By conducting a thorough data analysis, you can gain valuable insights into your organization's operational resilience program and identify areas for improvement.

This will help you make informed decisions and take targeted actions to enhance your resilience posture.


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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