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Organizations are used to responding to regulatory, environmental, technological, or internal structural changes. Recent events, however, have kicked the amount of change into high gear - and made it crystal clear how critical it is to build operational resilience.
Here are 6 actions you can take now to build operational resilience and ensure your organization is well prepared for future disruption.
The past year has been full of unexpected risks, unwanted surprises, and unimaginable consequences. Organizations everywhere were caught flat-footed by a risk they never planned for – and many are still contending with the disparities and fragilities laid bare by the pandemic.
Adding to the misery is that the next disaster could come at any time – even before the current crisis ends. Climate change, cyberattacks, social unrest are
Jim Wetekamp
Today’s RMIS – Risk Management Information System – offers an array of sophisticated applications to help you manage every aspect of risk. From claims administration to cost allocations, the options are practically endless. And while features and functionality are important, finding the right vendor that understands both your business and your needs is critical to success.
The events of the past year have made it crystal clear that resilience is no longer a crisis-driven capability that only occasionally comes into play. Resilience needs to be a regular part of doing business. Indeed, 87% of organizations say they are investing in capabilities that will help boost resilience.
Updated technology is often at the top of the resiliency wish-list.
A strong governance, risk, and compliance (GRC) solution gives risk managers the infrastructure to link risk with strategy, uncover new opportunities for taking calculated risks, and provide valuable and quick council to leadership.
Having all risk-related data in a single platform enables you to see risk relationships across the enterprise, understand roadblocks, prioritize mitigation options, and make quick and confident decisions that further objectives.
Here are three ways
Among the many lessons learned in 2020 is that organizations without repeatable, sustainable processes to manage compliance are in clear danger of failing. Keeping up with constantly changing regulations and policies takes a technology solution that’s flexible, scalable, and integrated. The right technology will add efficiency, prove effectiveness, and elevate the value of the compliance function to the organization.
Operational resilience is becoming an increasingly familiar phrase circulating UK financial services after the disruption of 2020. As we round the corner to 2021, here’s a recap of the latest requirements set out by the regulators for firms in the financial services industry.
The COVID-19 pandemic and its devastating consequences caught plenty of organizations off guard. While it can be difficult to contemplate the next big crisis in the midst of the current one, this is exactly the time to look ahead to minimize any future surprises, says Jim Wetekamp, and topping many experts’ lists of the next big crisis is climate change.
In fact, the World Economic Forum ranked environmental issues as the number one global busi
Hydra, springing from whose single body were fashioned a hundred necks, each bearing the head of a serpent. And when one head was cut off, the place where it was severed put forth two others; for this reason it was considered to be invincible, and with good reason, since the part of it which was subdued sent forth a two-fold assistance in its place.
-Diodorus Siculus, Library of History 4. 11. 5 (trans. Oldfather) (Greek historian C
Challenge
After more than two decades with one vendor, Randstad found itself looking for a new RMIS solution and was astounded by the capabilities that were available with new technology. The company quickly identified numerous opportunities to improve its claims processes – and as it turned out, that was just the start.
Randstad is the world’s largest staffing company and a global leader in HR services with more than 1,000 locations in North Ameri