Operational Resilience

[OR] [P3-S5] [3-4] Review and Report IQR: Monitoring and Reporting

Written by Moh Heng Goh | Sep 17, 2024 3:57:04 PM

[3-4] Monitoring and Reporting on Action Plan Implementation

Effective monitoring and reporting are essential for ensuring that the Independent Quality and Assurance Review (IQR) recommendations are translated into tangible improvements in your organization's operational resilience.

By tracking progress, identifying areas for improvement, and communicating findings to stakeholders, you can drive positive change and ensure the success of your action plans.

Key considerations for monitoring and reporting include establishing relevant KPIs, collecting data on action plan progress, determining reporting frequency, developing a clear reporting format, and sharing reports with stakeholders.

By effectively implementing these practices, you can gain valuable insights into the effectiveness of your action plans, make data-driven decisions to address challenges and ensure ongoing progress.

Purpose

Monitoring and reporting on the implementation of action plans is essential to ensure that the Independent Quality and Assurance Review (IQR) recommendations are effectively implemented and contribute to improvements in your organization's operational resilience.

Key Considerations

  • Key Performance Indicators (KPIs): Establish relevant KPIs to track the progress of action plan implementation. These KPIs should align with each action plan's specific objectives.

  • Data Collection: Collect data on the progress of action plans, including completion dates, resource utilization, and outcomes.

  • Reporting Frequency: Determine the appropriate frequency for reporting on action plan progress. This may vary depending on the complexity of the action plans and the level of oversight required.

  • Reporting Format: Develop a clear and concise reporting format that provides a comprehensive overview of action plan progress, including key metrics, challenges, and successes.

  • Stakeholder Communication: Share progress reports with relevant stakeholders, including senior management, department heads, and the IQR reviewer.

  • Continuous Improvement: Use the data collected through monitoring and reporting to identify areas for improvement and adjust action plans as needed.

Monitoring and Reporting Techniques

  • Dashboards and Scorecards: Use dashboards and scorecards to visualize the progress of action plans and identify areas of concern.

  • Regular Reviews: Conduct regular reviews of action plan progress with responsible parties to address any challenges or issues.

  • Lessons Learned: Capture and document lessons learned from the implementation process to inform future improvements.

  • Feedback Mechanisms: Establish mechanisms for collecting feedback from stakeholders on the effectiveness of action plan implementation.

Additional Tips

  • Use Technology: Leverage technology tools to automate data collection and reporting, making the process more efficient.

  • Be Proactive: Anticipate potential challenges and take proactive measures to address them.

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

By effectively monitoring and reporting on action plan implementation, you can ensure that the IQR's recommendations are translated into tangible improvements in your organization's operational resilience.

This will help you achieve your desired outcomes and demonstrate your commitment to continuous improvement.


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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