Operational Resilience

[OR] [P3-S5] [3-3] Review and Report IQR: Action Plan Implementation

Written by Moh Heng Goh | Sep 17, 2024 3:55:16 PM

[3-3] Implementing Action Plans from IQR

Implementing action plans is a critical step in ensuring that the recommendations from the Independent Quality and Assurance Review (IQR) are translated into tangible improvements in your organization's operational resilience.

By effectively implementing these actions, you can address identified weaknesses, enhance resilience, and achieve organizational goals.

Key considerations for implementation include prioritization, resource allocation, timelines, accountability, monitoring and evaluation, and collaboration.

By carefully planning and executing these steps, you can implement the recommended actions effectively and contribute to your organization's overall resilience.

Purpose

Implementing action plans is critical in ensuring that the IQR recommendations are effectively translated into tangible improvements in your organization's operational resilience.

Implementing these actions can address identified weaknesses and enhance your resilience.

Key Considerations

  • Prioritization: Prioritize action plans based on their potential impact, feasibility, and alignment with your OR strategy.

  • Resource Allocation: Ensure that adequate resources (e.g., budget, personnel, technology) are allocated to support the implementation of action plans.

  • Timelines: Set realistic timelines for completing each action plan, considering dependencies and potential challenges.

  • Accountability: Assign clear responsibilities for implementing each action plan to ensure accountability and progress.

  • Monitoring and Evaluation: Develop mechanisms to track progress and measure the effectiveness of implemented actions.

  • Communication: Keep stakeholders informed about the progress of action plan implementation and address any challenges or concerns.

Implementation Strategies

  • Project Management: Utilize project management tools and methodologies to plan, track, and manage the implementation of action plans.

  • Change Management: Implement change management strategies to address resistance to change and ensure that employees support the recommended improvements.

  • Collaboration: Foster collaboration among relevant departments and stakeholders to ensure successful implementation.

  • Continuous Improvement: View action plan implementation as an ongoing continuous improvement process, with opportunities for adaptation and refinement.

Additional Tips

  • Celebrate Success: Recognize and reward progress in implementing action plans to maintain momentum and motivation.

  • Address Challenges Proactively: Identify and address potential challenges or obstacles to implementation early on.

  • Learn from Experiences: Analyze the outcomes of implemented actions to identify lessons learned and inform future improvements.

By effectively implementing the action plans recommended by the IQR, you can drive significant improvements in your organization's operational resilience.

This will help you enhance your ability to withstand disruptions, protect critical business services, and achieve organizational goals.


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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