Operational Resiliency and the Future of Risk & Resiliency Management
Firms globally and across industries are focusing on risk and resiliency. The organization has to maintain operations in the midst of uncertainty and change, and this is becoming a key regulatory requirement in some industries (e.g., financial services). This requires a holistic view into the objectives and performance of the organization in the context of uncertainty and risk. Organizations are striving for business and operational resiliency that requires integration and symbiotic interaction of risk management and business continuity. The organization in 2021 has to be a resilient organization with full situational awareness of the interconnected risk environment that impacts them.Resiliency is the capacity to recover quickly from difficulties/events; the ability of a business to spring back into shape from an event. This is very critical and organizations are moving to bring together operational risk management and business continuity management into what is now defined as an operational risk and resiliency program. Business continuity management as a separate function in the organization is a thing of the past and over the next two to three years we will see a mass migration to an integrated operational risk and resiliency program.
However, there is more that needs to happen. Organizations also need to be agile. Agility is the ability of an organization to move quickly and easily; the ability to think and understand quickly. Good risk management is going to clearly understand the objectives of the organization, its performance goals, and strategy, and continuously monitor the environment for 360° situational awareness to be agile. To see both opportunities as well as threats so the organization can think and understand quickly and be prepared to move to navigate to seize opportunities while avoiding threats/exposures to the organization and its objectives.
We need agile organizations to avoid and prevent events, but we also need agility to seize on opportunities and reliably achieve (or exceed) objectives. Agility is not just avoidance of hazards, threats, harms. Agility is also the ability to understand the environment and engage to advance the organization and its goals. Organizations need to be agile and resilient.
Our host Michael Rasmussen
Michael Rasmussen is an internationally recognized pundit on governance, risk management, and compliance (GRC) – with specific expertise on the topics of GRC strategy, process, information, and technology architectures and solutions. With 27+ years of experience, Michael helps organizations improve GRC processes, design and implement GRC architectures and select solutions that are effective, efficient, and agile. He is a sought-after keynote speaker, author, and advisor and is noted as the “Father of GRC” – being the first to define and model the GRC market in February 2002 while at Forrester Research, Inc.
Our focus is operational resilience – encompassing business continuity, risk management, IT risk, and crisis and incident management. Fusion seeks to help companies anticipate, prepare, respond, and learn in any situation by equipping them with the software solutions they need to be successful. We empower organizations by allowing them to make data-driven decisions so that leaders can proactively manage what’s to come. And with Vista Equity Partners, we have the resources to continue expanding in all areas of the growing market.Diligent is the world’s largest GRC SaaS provider, serving nearly 1 million users from 23,000 organizations around the world. Our software enables holistic and informed conversations about governance, risk and compliance and ensures CEOs, CFOs and the board have an integrated view of audit, risk, information security, ethics and compliance from across the organization. Our world-changing idea is to bring technology, insights and confidence to leaders so they can build more effective, equitable, and successful organizations – and create lasting, positive impact on the world. We seek to empower organizations to be better for their stakeholders and communities, for their customers and employees, for their bottom line. Headquartered in New York, Diligent also has offices in Washington D.C., London, Galway, Budapest, Vancouver, Bengaluru, Munich, and Sydney.