As a result of COVID-19, we are facing an unprecedented economic challenge that even the best-crafted business plans have struggled to withstand. Some sources indicate that just 16% of banking, insurance and healthcare executives believe their operations to be “highly resilient” to another crisis. And yet tech failures, cyber-attacks and other disruptive events are often unavoidable in our interdependent, digitised world.
In its latest briefing note, Themis discusses the importance of operational resilience, defined as the organisational ability to absorb the impact of disruptive events. The topic has risen to the top of the UK regulators’ agenda in recent years, making it all the more crucial for firms to carry out periodic operational resilience self-assessments and adjustments. Coming out of an existing crisis with fresh lessons learned, we must plan ahead to ensure that we can all weather the next storm.