Measure Your Program Outcomes
Source: Based on MetricStream customer responses and GRC Journey Business Value Calculator
improvement in risk reporting visibility and efficiency for the executive management and board.
reduction in the time taken to create and review a business impact analysis
decrease in the time and costs to complete supplier assessments and identify risks
Prevent, Respond Faster, and Recover Better from Business Disruptions
The MetricStream Operational Resilience solution enhances risk visibility across the enterprise, enabling effective mitigation and faster recovery from adverse risk events. Built on the MetricStream Platform, the operational resilience solution supports today’s dynamic business needs with automated workflows, collaboration, and real-time reporting. It brings all aspects of the operational resilience framework on a single unified platform by seamlessly embedding risk management practices into your business continuity planning, allowing preparation for and speedy recovery from potential disruptions. The solution gives organizations the ability to break down restrictive silos and ensure integration across various business functions while strengthening resiliency.READ MORE Product Description
How Our Operational Resilience Software Solution Helps You
Single Source of Truth with Centralized Library & Key Data Elements
Prepare for recovery from risk events with a complete view of risk information, connections, and dependencies critical to maintaining or restoring systems, data, controls, compliance, and processes. Leverage the solution’s centralized and federated risk library to prioritize business-critical assets and functions and the most efficient pathways to continuity.
Improved Risk Exposure Calculations with Impact Tolerances and Key Metrics
Define impact tolerances to key risks, assets, functions, or business objectives. Easily measure and track key indicators for risks (KRIs), controls (KCIs), and performance (KPIs). Set and monitor thresholds to identify potential threats and mitigate them in advance. Efficiently plan for and adapt to risk events and gain a competitive edge, particularly when a systemic risk event affects your entire industry.
Continuous Risks and Controls Assessments
Effortlessly perform risk assessments for organizational risks including operational, cybersecurity, compliance, ESG, and third-party or vendor-related risks. Schedule Business Impact Analysis (BIA) surveys to proactively identify critical assets and processes. These assessments allow you to better define thresholds for actions in response to risk factors and impact, as well as triggers for accelerated recovery.
AI-Powered Issue and Action Management
Report and manage issues and action plans triggered from risk assessments, control evaluation, and business impact analysis. Leverage AI capabilities to eliminate duplication of issues and expedite issue remediation across operational risk, cyber risk, business continuity, and third-party risk management programs. Define and track the sequence of events to ensure business recovery and program performance accountability.
Proactive Vendor Management for Cybersecurity, Compliance, and ESG-Related Risks
Validate vendor information and automatically identify “red flags” based on globally sourced content around corruption, fraud, cybersecurity, disaster and hazard, finance, sustainability, regulations, reputation, sanctions lists, Politically Exposed Persons (PEPs), Special Interest Persons (SIPs), state-owned enterprises, and adverse media listings.
Accurate Quantification of Risks with Advanced Risk Analytics
Assess your risk exposure and potential losses in monetary values using built-in advanced risk quantification capabilities. Create and leverage simulation techniques for transforming range-based estimates into more accurate values. Enable executives to prioritize investments better, drive alignment between risk programs and business goals, and understand why and how recovery processes and priorities operate.
Enhanced Business Continuity Planning and Crisis Management
Create, maintain, and manage continuity plans from pre-defined templates. Improve visibility by linking these plans to critical IT assets, business processes, locations, controls, and key contacts. Efficiently create and maintain emergency communications trees and distribution lists, as well as emergency notification templates across more than 25 distinct communications channels to ensure business-critical functions continue to operate.
How Our Operational Resilience Software Solution Benefits You
- Strengthen business resilience with a coordinated and agile strategy for recovery from business disruptions
- Minimize redundant costs, tools, effort, and data by controlling multiple GRC initiatives from one GRC solution
- Enhance decision-making with contextual, real-time intelligence delivered through advanced reports and analytics
- Efficiently mitigate risks from operations, compliance initiatives, vendors, and IT infrastructure
Frequently Asked Questions
Operational resilience can be defined as an initiative that focuses on building the resilience of business activities beyond business continuity management programs. Depending on the scope, scale, velocity and severity of a risk event, a resiliency program should allow the business to adapt to and position the organization to recover as wholly as possible from a risk event.
Ideally, an organization will proactively define, agree upon, tier, and record business-critical functions required to ensure it can operate and deliver products and services to its customers. Once those needs are met, the business should further define a set of activities that can restore additional functionality, including other critical services. The how and what and order and ownership for restoring financial, human resources, cybersecurity, and facility operations is critical for businesses to continue operating.
A centralized and single operational resilience program that extends across the enterprise and into its business interdependencies is essential to crisis recovery. Operational resilience program components should not only complement a well-designed and well-run risk management program, but also include a defined set of controls, checks, events, processes, and owners all designed to accelerate and ensure the completeness of a risk event recovery.
The concept of operational resilience is not new. However, the recent health crisis, geopolitical tensions, complex extended ecosystem, rapid digitization, major cyberattacks, and environmental and social issues have brought back the focus on operational resilience.
Defining risk appetites and tolerance levels for disruption of products or services to internal and external stakeholders like employees and customers is a business-critical necessity. The essence of operational resilience is that the organization and economy can be prepared to respond better to a crisis or disruption, rather than just reacting. Ideally, organizations constantly improve assessments, controls, and recovery planning. And can demonstrate their pliability and resiliency to their stakeholders, including the public and their relevant regulators.
Recent events and operational failures have forced regulators across the globe to require organizations to implement demonstrable and defensible operational resilience frameworks. This necessitates companies to identify critical business services, set impact tolerances, consider vulnerabilities, develop appropriate mitigation actions, test, and define a consistent approach to prevent, adapt, and respond to risk events and failures.
While the regulatory focus on operational resilience is still new there are some countries starting to uphold standards with regulation. The PRA operational resilience framework in the United Kingdom, IDW PS 340 n.F. in Germany, the Digital Operational Resilience Act (DORA) in the European Union, and Technology Risk Management (TRM) guidelines by the Monetary Authority of Singapore (MAS) in Singapore have been released. In the United States, a joint paper by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (OCC), has been published to guide large and complex firms to address unforeseen challenges to their operational resilience. Some of the above are applicable to large and enterprise organizations across all sectors while some are specifically applicable to banking and financial services firms.
Since the start of the COVID-19 pandemic in 2020, there have been increasing regulatory measures. For instance, the digital operational resilience in the proposed Product Security and Telecommunications Infrastructure Bill in the UK will apply to individuals and businesses across the UK, and not just businesses in certain sectors.
Build your operational resilience journey and ensure your organization is well prepared to respond to future disruption by:
- Identifying and understanding the critical processes, systems, people, and third parties
- Protecting and managing risks related to them and assessing their impact on the business
- Defining and setting impact tolerances against critical risks
- Developing business continuity plans and monitoring them
- Providing actionable insights through reports and analysis
- Developing communication for key stakeholders
The right technology can help your operational resilience strategy by providing a single solution to meet regulatory requirements along with the tools to embed risk management practices into compliance, cybersecurity, vendor risk management, and business continuity plans to prepare for potential disruptions. Technology can support you by:
- Ensuring that all components of an operational resilience framework are easily accessible to view in a single, connected platform simplifying the tracking and managing of the risk
- Enabling data harmonization across teams, business units, and functions
- Providing automation capabilities for risk assessments, control testing, continuous control monitoring, third-party due diligence, etc.
- Ensuring a common federated taxonomy in a central risk library
- Generating powerful reporting and analytics capabilities enabling organizations to create rich analysis and derive deep insights for driving business decisions
For over 20 years MetricStream has been a leader in Governance, Risk, and Compliance (GRC), supporting businesses to take a proactive risk-based approach to compliance, cyber, and third-party risk management and enabling them to manage, co-ordinate, and track multiple GRC risks across business siloes.
MetricStream brings all aspects of the operational resilience framework into a single unified system. This allows organizations to view and track regulation across different regulatory frameworks such as PRA, IDW PS 340 n.F, and DORA. The solution seamlessly embeds risk management practices into compliance, cybersecurity, vendor risk management, and business continuity planning to prepare for and prevent potential disruptions. Through sharing best practices and key learnings with organizations, MetricStream further supports their future growth and helps build resilience strategies.
You can explore more about MetricStream Operational Resilience capabilities by downloading the MetricStream Operational Resilience Solution Brief here safeguard critical services. To request a demo, click here get a demo.