I am in the midst of the school holidays, luckily Sofia, my daughter goes to rugby camp most days feeding her dream of playing international rugby for Scotland. Her presence and energy over this 6 week break has been both enjoyable but intense, and a lot more profound than when we are in the ‘term time routine’.
This meant before the 6 week holiday we implemented the ‘Flannigan Summer Resilience plan’!
Before I had a child no one explained to me that having children is a constant form of risk management. Every age has presented its own risk, which is constantly evolving and should me and my husband not constantly re-evaluate these risks and put plans, controls and mitigations in place to manage these then ultimately things could result in physical or mental harm to one of us, or our home.
Parenthood is a form of service, just as I deem leadership to be. I am constantly reviewing what I need to provide in order for my daughter to not only remain safe in the world today but to thrive.
A few weeks ago, when my husband and I started to map out the current risks we may encounter within this holiday period I noticed synergies that were present from my piece of paper to a recent article I had read in respect of Operational Resilience.
If you google ‘What is Operational Resilience?’ you are presented with the following:
“Operational Resilience refers to the ability of firms, financial market infrastructures, and the financial sector as a whole to prevent, adapt and respond to, recover and learn from operational disruption. It involves ensuring that the UK financial sector can absorb shocks rather than compound them, which is crucial for protecting consumers, firms and financial markets.”
Now if I replace the words ‘operational disruption’ with Sofia Flannigan and replace ‘consumers, firms and financial markets’ with … parents, property and grandparents as ‘critical 3rd party providers’ then we have the ‘Flannigan Summer Resilience Plan.’
The key outcome of our plan every time we review it is to ensure that there is minimal disruption to our ability to work and other key activities, whilst protecting our home, possessions and most importantly, Sofia! As with Operational Resilience it is about ‘ensuring the continuity of critical operations and protecting key processes and resources.’
Now that Sofia is 8 my role is more about oversight, she is aware of the rights and wrongs and we have sufficient controls in place to manage the immediate risks, but are mindful that we want to encourage independence, and channel her individuality. As with Operational Resilience the right level of oversight is paramount.
Oversight is the backbone of implementing operational resilience, ensuring that firms not only plan for disruptions but also effectively execute those plans when needed. It is about being prepared, responsive, and adaptive to maintain seamless operations and safeguard the interests of all stakeholders.
Implementing a good oversight model:
- Provides the ability to proactively address and manage vulnerabilities before they escalate into more significant issues but evaluating trends or critical markers.
- Ensures that regulations, policies and standards are met, mitigating legal and or financial penalties.
- Allows organisations to maintain critical business services during disruptions by monitoring and overseeing the operation.
Consistency is key when it comes to oversight, and that includes consistent review to ensure that present risks are managed. Without a consistent risk and oversight review mechanism either new risks will be missed, OR oversight becomes inefficient as it is no longer appropriate.
My final comparison is between 3rd party suppliers and Grandparents. As well as organisations needing to take measures to ensure Operational Resilience, it is integral that they have the right measures and oversight in place to ensure any 3rd party supplier is prepared for any eventuality that might cause disruption to their service and customers. This is much the same when my parents have Sofia. I ensure that they know the outcomes expected (Sofia stays safe and they all spend quality time together). I ensure they have measures and tools in place to manage any unexpected outcomes, (contact numbers, medication, change of clothes) and provide the right level of oversight to not only provide myself assurance but offer support to them when required (thanks to the wonders of Apple!) It is pertinent to remember that a relationship between a firm and a 3rd party has to be a partnership (as it is with anyone that looks after Sofia in this case) with a common desire to service and achieve the right outcomes for customers and stakeholders.
As the summer holidays draw to a close and the March 2025 regulatory deadline edges closer, it’s the perfect time to strengthen your Operational Resilience strategy. Altus Consulting continue to support firms with implementing robust tools and tailored strategies to ensure they have an Operational Resilience model that not only meets the upcoming deadlines but also ensures long-term stability. Contact us today to discuss your Operational Resilience plans and stay ahead of the market’s demands. Whilst this is a more humorous take on Operational Resilience, the Altus Consulting Operational Resilience Cheat Sheet provides a more technical view of the subject, click here, to download your copy.
