Gartner defines operational resilience as “initiatives that expand business continuity management programs to focus on the impacts, connected risk appetite and tolerance levels for disruption of product or service delivery to internal and external stakeholders.”
If “disruption” sounds familiar, it’s because we’re living in one of the most volatile times in recent history. The pandemic created major challenges for supply chains and third-party relationships, which in turn has had a ripple effect on the market and an organization’s ability to provide products and services. In that sense, operational resilience is not only achievable but it’s now imperative for organizations.
It is evident that Hong Kong has recognised the urgent need for operational resilience among businesses, with the Hong Kong Monetary Authority (HKMA) developing principles for operational resilience within the banking sector and the Securities and Futures Commission (SFC) having laid down operational resilience standards and framework measures to supplement existing guidance for issuance of licences for corporations. As governance,…
