[OR] [RBI] [18] Continuous Improvement Through Feedback Systems

Fostering Continuous Improvement in Operational Resilience

To maintain robust operational resilience, regulated entities (REs) must focus on continuous improvement, learning from disruptions and ongoing discussions within their operational framework.

Here is a summary of the fundamental practices to ensure effective operational resilience.

Principle 18: Fostering Continuous Improvement in Operational Resilience

Fostering continuous improvement in operational resilience is essential for organizations to remain agile and effective despite evolving challenges and risks. This approach involves regularly assessing and refining processes, systems, and strategies to enhance their ability to withstand disruptions and recover swiftly. By embracing a culture of learning and adaptability, organizations can incorporate feedback from incident reviews, performance metrics, and industry best practices into their resilience strategies. This iterative process ensures that operational capabilities are consistently updated and strengthened, enabling the organization to anticipate better, respond to, and recover from unexpected events, ultimately safeguarding long-term stability and success.

Embedding Learning into Strategic Decisions

Operational resilience should be integrated into every strategic decision an RE makes. A proactive learning culture must be cultivated, where improvements are made as operational approaches evolve or technological infrastructures mature. This goes beyond reacting to incidents and includes ongoing analysis and improvements.

Developing Effective Feedback Systems

Continuous improvement requires robust feedback mechanisms. These systems help identify vulnerabilities and assess the severity of potential operational risks. By understanding real-time incidents, disruptions, and the gaps in current mitigation measures, REs can refine their risk management frameworks and adjust their operational resilience strategies to better protect against future risks.

Dynamic Risk Assessment and Mitigation

Feedback loops ensure that REs consistently update their risk assessments and control measures. Based on operational incidents or errors in current controls, REs can implement necessary updates to mitigate future risks. This continuous process ensures that the entity maintains optimal operational resilience by addressing emerging vulnerabilities and refining its Operational Risk Management Framework (ORMF).

By embedding a culture of learning and leveraging continuous feedback, REs can strengthen their resilience and adapt to the evolving risk landscape.

More Information About Blended Learning OR-5000 [OR-5] or OR-300 [OR-3]

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.