In today’s highly interconnected and digital world, failures in operational resilience can have far reaching implications with the potential to undermine the safety, stability and integrity of firms or the global financial system on a broader basis.

In addition, financial resilience has been a key focus area for the financial services industry and its regulators since the challenges of 2008, especially since the release of DP118. This made organisations realise that traditional approaches to resilience were too heavily focused on IT infrastructure. Resilience is bigger than this and IT departments were not protecting the important elements of an organisation.

But what trends will we see in 2020 and beyond in business continuity and operational resilience? We have identified 5 key predictions that we believe we will see in the coming years:

Operational Resilience and Business Continuity Requirements and DP118 in 2020

In 2019 many companies reviewed their Operational Resilience and business continuity requirements and strategy from a business perspective, but in 2020 this shifts towards this being reviewed in line with DP118. There will be a change in approach from the more traditional business impact analysis to looking at the business services that Customers consume and work back from there.

This has been a long time coming and its history goes back to the big IT failures that made the financial industry and banks sit up and take note of their operational resiliency. These IT failures, particularly going back to the likes of RBS and even the TSB IT failure, made them realise that traditional approaches to resilience were too heavily focused on property – IT was not protecting everything that was important.

Nowhere to hide – customers will judge a business by how they respond to a disaster

Customers in 2020 will judge a business’s values by how it responds to a disaster or crisis. Social media now means that “there is nowhere to hide”. In today’s 24/7 connected world customers can easily vent their frustrations on social media against organisations and having a strong Operational Resilience approach with this today is a must.

To Find Out More

Download our FREE report “The Definitive 2020 Predictions Guide for Operational Resilience” via https://fortressas.com/2020-trends-guide/.