Operational Resilience in Financial Institutions
First published:
ISBN: 9781782720966
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The Value of Horizon Scanning in Setting Business Continuity Policy
Lee Glendon
Introduction
The Value of Horizon Scanning in Setting Business Continuity Policy
Monitoring Emerging Risks
Understanding and Analysing the Consequences of Business Disruption
Managing Operational Risk
Building a Resilient Capability
Cyber Resiliency: A Business Continuity Perspective
Business Continuity Management and Compliance: Legislation, Regulation and Standards
Effective Crisis Management
Embedding Business Continuity Management into Business Culture: An Asian Perspective
Scenario-based Crisis Management Exercising
The Future of Business Continuity Tools and Techniques
The Business Benefits of Business Continuity
Engaging the Board: Resilience Measured
What Does Good Business Continuity Management Look Like? Metrics and Performance Indicators
Horizon scanning is an essential capability in any progressive business continuity management (BCM) programme. It helps to resolve the issue about whether the resources employed in support of a BCM programme have been allocated proportionately to the current and potential threats that the company is, and will be, facing. By the time questions regarding specific threats are raised in the boardroom, it is important that BCM programme leaders can demonstrate a level of preparedness. This was evident at the time of the H1N1 flu epidemic, where many BCM programmes were indeed “mostly there” by the time a specific threat reached the agenda of the senior management team, thereby underscoring the value of the BCM approach to risk management. Of course, horizon scanning has a broader business intelligence application, which can cover industry, market, competitor and customer development in its support of corporate strategy development. However, this chapter will focus on its application in BCM.
Most practitioners agree that the outputs of horizon scanning are helpful to inform a BCM programme. According to the Business Continuity Institute’s (BCI) “Horizon Scan 2013”,11 Lee Glendon,
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