Operational Resilience

[OR] [P3-S5] [3-1] Review and Report IQR: Management Response

Written by Moh Heng Goh | Sep 17, 2024 3:52:12 PM

[3-1] Management Response to the IQR Report

A strong management response to the Independent Quality and Assurance Review (IQR) report is essential for demonstrating your organization's commitment to operational resilience and effectively implementing the recommendations.

You can build trust with stakeholders and drive positive change by carefully reviewing the findings, assessing their significance, and developing a comprehensive response.

Key considerations for the management response include acknowledging the validity of the findings, addressing concerns or disagreements, identifying additional actions, and communicating the response to relevant stakeholders.

A well-crafted response will demonstrate your organization's commitment to operational resilience and willingness to take action based on the IQR's recommendations.

Purpose

Management response is a critical step in the IQR process, as it demonstrates your organization's commitment to operational resilience and its willingness to take action based on the review's findings.

Key Considerations

  • Review and Understand: Carefully review the IQR report to fully understand the findings, recommendations, and implications for your organization.

  • Assess the Findings: Evaluate the significance of the findings and their potential impact on your organization's operational resilience.

  • Develop a Response: Develop a comprehensive response to the IQR report, addressing the key findings and recommendations.

  • Communicate the Response: Share the management response with relevant stakeholders, including employees, regulators, and external parties.

  • Follow-Up: Monitor the implementation of the action plans outlined in the response and ensure that they are progressing as planned.

Potential Management Responses

  • Full Acceptance: Acknowledge the validity of the findings and commit to implementing all recommended actions.

  • Partial Acceptance: Accept some recommendations while expressing reservations or proposing alternative approaches for others.

  • Disagreement: Provide a detailed explanation and justification if significant disputes arise with the findings or recommendations.

  • Additional Actions: Identify further actions or initiatives necessary to address the weaknesses.

Additional Tips

  • Be Transparent: Communicate the management response openly and honestly with all relevant stakeholders.

  • Demonstrate Commitment: Show your organization's commitment to operational resilience by taking decisive action based on the IQR findings.

  • Address Concerns: Be responsive to any concerns or questions stakeholders raise regarding the management response.

  • Follow Up: Monitor the implementation of the action plans and ensure that they are progressing as planned.

You can demonstrate your organization's commitment to operational resilience and build trust with stakeholders by providing a clear and comprehensive management response to the IQR report.

This will help enhance your organization's reputation and strengthen its 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

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