[OR] [KWAP] [E2] [C5] Developing Strategy and Roadmap

Implementing Operational Resilience for KWAP

Chapter 5

Developing Strategy and Roadmap: Charting the Course for KWAP's Operational Resilience

For Kumpulan Wang Persaraan (Diperbadankan) (KWAP), or the Retirement Fund (Incorporated), operational resilience is a strategic priority that ensures the organisation can continue to deliver critical services, even in the face of disruptions.

After assessing its capabilities, analysing gaps, and confirming its risk appetite, KWAP enters the Develop Strategy and Roadmap stage of its Operational Resilience Planning Methodology.

This stage is about translating insights into actionable plans, setting clear objectives, and creating a structured roadmap to achieve operational resilience.

It is a pivotal step that ensures KWAP's resilience efforts are aligned with its broader business goals and regulatory requirements.

The Importance of Strategy and Roadmap Development

A well-defined strategy and roadmap are essential for guiding an organisation's operational resilience efforts.

For KWAP, this stage ensures that its resilience initiatives are not only comprehensive but also practical and achievable.

The strategy provides a clear vision and direction, while the roadmap outlines the specific steps needed to achieve that vision.

Together, they serve as a blueprint for building a resilient organisation.

By developing a strategy and roadmap, KWAP can:

• Align its resilience efforts with its overall business objectives.
• Prioritise actions based on identified gaps and risk appetite.
• Ensure that resources are allocated efficiently and effectively.
• Establish measurable goals and milestones to track progress.
• Foster stakeholder buy-in and support for resilience initiatives.

Key Components of the Strategy and Roadmap

The Develop Strategy and Roadmap stage involves a structured approach to creating a comprehensive plan for operational resilience.

The process includes the following key components:

1. Define Strategic Objectives

KWAP begins by defining its strategic objectives for operational resilience.

These objectives are aligned with the organisation's mission, vision, and regulatory requirements.

Examples of strategic objectives may include:

• Enhancing the resilience of critical business services.
• Strengthening governance and risk management frameworks.
• Building a culture of resilience across the organisation.
• Ensuring compliance with industry standards and regulations.

2. Set Clear Priorities

Based on the gap analysis and risk appetite, KWAP sets clear priorities for its resilience efforts.

This involves identifying the most critical areas that require immediate attention and allocating resources accordingly.

For example, if technology infrastructure is identified as a significant vulnerability, it may be prioritised over other areas.

3. Develop Action Plans

For each strategic objective, KWAP develops detailed action plans that outline the specific steps needed to achieve it.

These action plans include:

• Key activities and initiatives.
• Responsible teams or individuals.
• Timelines and deadlines.
• Resource requirements (e.g., budget, technology, personnel).

4. Establish Metrics and Milestones

To track progress and measure success, KWAP establishes clear metrics and milestones.

These may include:

• Key performance indicators (KPIs) for operational resilience.
• Regular progress reviews and reporting mechanisms.
• Milestones for achieving specific goals (e.g., completing a technology upgrade or conducting a crisis simulation).

Create a Communication Plan

Effective communication is critical for ensuring stakeholder buy-in and support. KWAP develops a communication plan that outlines how it will engage with employees, management, regulators, and other stakeholders.

This plan includes:

• Key messages about the importance of operational resilience.
• Channels for sharing updates and progress (e.g., newsletters, meetings, reports).
• Strategies for addressing concerns and feedback.

Aligning with Industry Standards and Best Practices

To ensure that its strategy and roadmap are robust and effective, KWAP aligns its efforts with industry standards and best practices.

This includes leveraging frameworks such as:

• ISO 22301 (Business Continuity Management): Provides guidelines for developing and implementing a business continuity management system.
• COSO ERM Framework: Offers a structured approach to enterprise risk management.
• Regulatory Guidelines: Ensures compliance with local and international regulations related to operational resilience.

By aligning with these standards, KWAP can enhance the credibility of its resilience efforts and ensure that they meet global best practices.

Outcomes of the Strategy and Roadmap Development

The Develop Strategy and Roadmap stage produces several key outcomes that guide KWAP's operational resilience journey:

1. Clear Vision and Direction

The strategy provides a clear vision for operational resilience, ensuring that all efforts are aligned with the organisation's goals.

2. Structured Action Plan

The roadmap outlines a structured plan for achieving resilience objectives, with specific actions, timelines, and responsibilities.

3. Measurable Goals

By establishing metrics and milestones, KWAP can track progress and measure the success of its resilience initiatives.

4. Stakeholder Engagement

The communication plan ensures that stakeholders are informed, engaged, and supportive of the organisation's resilience efforts.

5. Resource Optimisation

By prioritising actions and allocating resources effectively, KWAP ensures that its resilience efforts are both efficient and impactful.

Summing Up ...

The Develop Strategy and Roadmap stage is a critical step in KWAP's Operational Resilience Planning Methodology.

By defining strategic objectives, setting priorities, and creating a structured roadmap, KWAP ensures that its resilience efforts are aligned with its broader business goals and regulatory requirements.

This stage provides a clear vision and direction for building a resilient organisation, enabling KWAP to anticipate, respond to, and recover from disruptions effectively.

With a well-defined strategy and roadmap in place, KWAP is well-positioned to move forward with confidence, ensuring the continuity of critical business services and the trust of its stakeholders.

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