[OR] [KWAP] [E2] [C4] Analysing Gaps

Implementing Operational Resilience for KWAP

Chapter 4

Analysing the Gap: Strengthening KWAP's Operational Resilience Foundation

For Kumpulan Wang Persaraan (Diperbadankan) (KWAP), or the Retirement Fund (Incorporated), operational resilience is a cornerstone of its ability to safeguard retirement funds and maintain stakeholder trust.

Following the initial Assess Capability and Maturity stage, the next critical step in KWAP's Operational Resilience Planning Methodology is the Analyse Gap stage.

This phase focuses on identifying the gaps between the organisation's current operational resilience capabilities and its desired state.

By pinpointing these gaps, KWAP can prioritise actions, allocate resources effectively, and build a roadmap for achieving its resilience goals.

The Importance of Gap Analysis in Operational Resilience

Gap analysis is a systematic process that compares an organisation's current state with its target state, highlighting areas that require improvement.

For KWAP, this stage is essential for understanding where its operational resilience efforts need to be focused.

It ensures that the organisation's resilience strategy is not only comprehensive but also tailored to address its unique vulnerabilities and challenges.

By conducting a thorough gap analysis, KWAP can:

• Identify weaknesses in its current resilience framework.
• Prioritise actions based on the severity and impact of identified gaps.
• Align its resilience efforts with regulatory requirements and industry best practices.
• Ensure that resources are allocated efficiently to areas of greatest need.

Key Steps in the Gap Analysis Process

The Analyse Gap stage involves a structured approach to identifying and evaluating gaps in KWAP's operational resilience.

The process includes the following key steps:

1. Define the Desired State

KWAP begins by clearly defining its target state for operational resilience.

This includes setting specific objectives, such as achieving compliance with regulatory standards, enhancing crisis response capabilities, or improving the resilience of critical business services.

The desired state serves as a benchmark against which the current state is measured.

2. Evaluate the Current State

Using the insights gained from the Assess Capability and Maturity stage, KWAP evaluates its current operational resilience capabilities.

This includes reviewing governance structures, risk management practices, technology infrastructure, workforce readiness, and business continuity plans.

The evaluation provides a detailed picture of the organisation's strengths and weaknesses.

3. Identify Gaps

KWAP compares its current state with the desired state to identify gaps.

These gaps may include deficiencies in technology systems, inadequate risk management processes, or insufficient training for employees.

The organisation categorizes these gaps based on their impact and urgency, ensuring that the most critical issues are addressed first.

4. Prioritise Actions

Not all gaps are equal in terms of their impact on operational resilience. KWAP prioritises actions based on factors such as the severity of the gap, the potential impact on critical business services, and the resources required to address it.

This prioritisation ensures that the organisation focuses on the most significant vulnerabilities first.

5. Develop Mitigation Strategies

For each identified gap, KWAP develops targeted mitigation strategies. These strategies may include implementing new technologies, updating policies and procedures, enhancing employee training programs, or strengthening governance frameworks.

The goal is to close the gaps and bring the organisation closer to its desired state of operational resilience.

Tools and Frameworks for Gap Analysis

To ensure a comprehensive and objective analysis, KWAP leverages established tools and frameworks. These may include:

• SWOT Analysis: Identifying strengths, weaknesses, opportunities, and threats related to operational resilience.
• Risk Registers: Documenting and assessing risks that could impact resilience.
• Benchmarking: Comparing KWAP's resilience capabilities against industry standards and best practices.
• Stakeholder Input: Gathering feedback from employees, management, and external partners to gain a holistic view of gaps.

Outcomes of the Gap Analysis

The Analyse Gap stage produces several key outcomes that guide KWAP's operational resilience efforts:

1. Clear Understanding of Gaps

KWAP gains a detailed understanding of the gaps in its operational resilience framework, including their root causes and potential impact.

2. Prioritised Action Plan

The organisation develops a prioritised action plan that outlines the steps needed to address the most critical gaps.

3. Resource Allocation

By identifying the most significant gaps, KWAP can allocate resources more effectively, ensuring that investments are directed toward areas of greatest need.

4. Alignment with Strategic Goals

The gap analysis ensures that KWAP's resilience efforts are aligned with its overall strategic objectives and regulatory requirements.

Summing Up ...

The Analyse Gap stage is a pivotal step in KWAP's Operational Resilience Planning Methodology. By identifying and prioritising gaps in its resilience framework, KWAP can focus its efforts on the areas that matter most.

This stage ensures that the organisation's resilience strategy is both targeted and effective, enabling it to address vulnerabilities, enhance its capabilities, and build a stronger foundation for operational resilience.

With a clear understanding of its gaps and a roadmap for improvement, KWAP is well-positioned to move forward with confidence, ensuring the continuity of critical business services and the trust of its stakeholders.

Operational Resilience in Pension Funds: The KWAP Case Study
Implementing Operational Resilience for KWAP

OR Planning Methodology Phases [Roadmap]		Plan [P1]	Implement [P2]	Sustain [P3]

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

To further enhance your expertise, explore the OR-5000 Operational Resilience Expert Implementer course by BCM Institute. This expert-level certification program provides the skills and strategies to build and sustain a resilient organisation.

The course is also claimable by HRD Corp, making it an excellent opportunity for professionals looking to upskill with financial support.

To learn more about the course and schedule, click the buttons below for the [OR-3] OR-300 Operational Resilience Implementer course and the [OR-5] OR-5000 Operational Resilience Expert Implementer course.

	If you have any questions, click to contact us.