SANJIV TALWAR | Assistant Superintendent, Risk Support Sector, Office of the Superintendent of Financial Institutions (OSFI)
In recent years, and particularly in the immediate response to COVID-19, the ability to spring back from operational disruption has become an organizational and regulatory priority. But building operational resilience can be a significant challenge. Financial institutions are increasingly faced with complex operations, evolving third-party relationships and reliance on new technologies to conduct their business effectively.
This article outlines the foundational elements of building an operationally resilient organization, highlighting the necessary leadership attributes, culture and risk management practices. It makes the case for organizations and regulators to embrace a broadened perspective of resilience. Practicing these elements will help ensure the continuity of critical operations and overall confidence in the system.