[OR] Trends and Best Practices in Operational Resilience for 2024

Trends and Best Practices in Operational Resilience for 2024

In today's ever-shifting landscape, operational resilience has become an organisational imperative. From cyberattacks to climate disruptions, disruptions lurk around every corner, threatening to cripple operations and erode customer trust.

BCM Institute has been training global corporations and financial institution participants on implementing operational resilience since 2023. As disruptive events become more imminent, regulatory authorities will increasingly demand competent professionals OR training in the coming years.

Building resilience is about weathering the storm and thriving amidst the chaos. So, let's dive into the key trends and best practices shaping operational resilience in 2024.

Emerging OR Trends

Cybersecurity as a Cornerstone 

• Cyber threats continue to evolve, and organisations must prioritise robust cybersecurity measures.
• This includes regular penetration testing, employee training, and implementing advanced threat detection and response systems.

AI and Machine Learning

• These technologies are revolutionising resilience efforts.
• Predictive analytics can anticipate disruptions and automate recovery processes, while AI-powered threat detection safeguards critical systems.

Embracing Technology for Resilience 

• Artificial intelligence (AI) and machine learning (ML) are increasingly crucial in operational resilience.
• These technologies can be used for predictive analytics, automating recovery processes, and optimising resource allocation during disruptions.
  

Embracing the Cloud

• Cloud-based solutions offer agility, scalability, and disaster recovery capabilities.
• Organisations are migrating critical operations to the cloud, enhancing resilience and reducing downtime.

Data-Driven Decision Making

• Real-time data insights are crucial for effective response and recovery.
• Organisations leverage data analytics to optimise resource allocation and inform critical decisions during disruptions.

Focus on Sustainability

• Sustainability is not just an environmental concern but also a resilience issue.
• Organisations are adopting sustainable practices to mitigate risks associated with climate change and resource scarcity.
  

The Rise of the "Resilient Workforce"

• Invest in employee well-being, training, and cross-functional skills is crucial for building a workforce that adapts to disruptions and contributes to practical recovery efforts.
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Best OR Practices for 2024

Conduct Regular Risk Assessments

• Use scenario planning and business impact analysis.
• Identify and prioritise potential threats.
• Update risk assessments regularly to reflect the evolving landscape.
  
  

• Build a Culture of Resilience

• Foster a proactive approach where resilience is embedded in all aspects of operations.
• Train employees on risk mitigation, response protocols, and cyber hygiene.

Invest in Technology

• Leverage innovative technologies like AI, cloud computing, and data analytics to enhance preparedness, response, and recovery capabilities.

Collaborate and Share Best Practices

• Partner with industry peers and leverage external expertise to learn from each other's experiences and share best practices.

Continuously Adapt and Improve

• Acknowledge operational resilience is an ongoing journey, not a destination.
• Evaluate and refine your strategies regularly to ensure they remain effective despite evolving threats.

Summing Up ...

Remembering that operational resilience is not just about surviving disruptions but about emerging more robustly and adaptably is helpful.

By embracing these trends and best practices, you can confidently navigate the storm and ensure your organisation thrives in the face of any challenge.