The concept of operational resilience has evolved significantly. No longer limited to traditional business continuity planning, it now encompasses a proactive, harm-prevention framework that is essential for safeguarding both consumers and market integrity. Identifying important business services (IBS) and understanding what constitutes intolerable harm are critical steps for organizations aiming to thrive amidst disruption.

To truly cultivate resilience, organizations must foster a culture that prioritizes it at every level. This involves enhancing horizon scanning capabilities to swiftly identify emerging threats and establishing effective communication protocols for crisis situations. Practical strategies include implementing robust testing and assurance programs, engaging in ongoing self-assessment, and adopting a "fail fast and learn" approach to address vulnerabilities promptly. Operational resilience should be seen less as a checkbox for regulatory compliance and more as a strategic necessity that enhances consumer trust and fortifies market integrity.

Key Takeaways:

• Clearly define your IBS and intolerable harm.
• Understand third-party dependencies to reduce risks.
• Conduct rigorous scenario testing informed by real-world evidence.
• Promote a culture of operational resilience that embraces continuous improvement.